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value 10.00 points Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours 3 feet ? hours or Rate Cost Direct materials Direct labor $5 per foot$15 ? per hour During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. In addition, 4,700 hours of direct labor time were worked on the product during the month. The cost of this labor time was $47,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $2,400 U $3,300 U $ 950 U