Ch.9 Review Assignments 10 7 Sharp Company manufactures a product for which the following standards have been set points Skipped Direct materials Direct labori Standard Quantity or Hours 3 feet 7 hours Standard Price or Standard Hate $5 per foot 7 per hour Cust $ 15 Saved ebook 10 Print References During March, the company purchased direct materials at a cost of $56,610, all of which were used in the production of 2.875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials $4,050 U 32,180 U $270 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. Reg 1A Req 18 Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost per foot Req 18>