2 Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price or Standard or Hours Rate Cost Direct materials 3 feet $5 per foot $ 15 Direct labor 7 hours 2 per hour During March, the company purchased direct materials at a cost of $43,335, all of which were used in the production of 2,425 units of product. In addition, 4,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $28,000 The following variances have been computed for the month Materials quantity variance $ 3,750 U Labor spending variance $ 2,780 U Labor efficiency variance $ 780 U Required: 1. For direct materials a. Compute the actual cost per foot of materials for March b. Compute the price variance and the spending variance. 2. For direct labor 3. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production cCompute the standard hours allowed per unit of product Complete this question by entering your answers in the tabs below, Reg 1A Reg 16 Reg 2 For direct materials, compute the actual cost per foot of materials for March (Round your answer to 2 decimal places) Actual cos per foot