7 Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or 10 Hours points Direct materials Direct labor 3 feet ? hours Standard Price or Rate $ 5 per foot ? per hour Standard Cost $ 15 ? eBook Print References Check my work During March, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $36,750. The following variances have been computed for the month: Materials quantity variance $ 4,500 U Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 3,150 U $ 700 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. Des 10 Des 1D