Problem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2) Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard Or Hours Or Rate Cont 3 feet $5 per foot $ 15 7 hours ? per hour Direct materials Direct labor 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 direct labor hours 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 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: 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