41 value: 0.05 points Sharp Company manufactures a product for which the following standards have been set Standard Quantity Standard Price Standard or Hours or Rate Cost $5 per foot 3 feet $15 Direct materials hours per hour Direct labor During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2,750 units of product. In addition, 4,500 hours of direct labor time were worked on the product during the month. The cost of this labor time was $36,000. The following variances have been computed for the month: $3,450 U Materials quantity variance $3,000 U Labor spending variance 750 U Labor efficiency variance Required 1. For direct materials: a. Compute the actual cost per foot for materials for March. (Round your answer to 2 decimal places.) 5.50 per foot