2 Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Standard Price Standard 10 Direct points materials Direct labor Hours 3 feet ? hours or Rate Cost $5 per foot ? per hour $15 ? eBook Hint During March, the company purchased direct materials at a cost of $60,885, all of which were used in the production of 3,500 units of product. In addition, 5,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $42,500. The following variances have been computed for the month: Materials quantity variance Labor spending variance Reference Labor efficiency variance Required: 1. For direct materials: $ 2,850 $ U 3,300 $ 800 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2 For direct materials, compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values.) Price variance Spending variance Show lessA