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 or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $54,615, all of which were used in the production of 3,050 units of product. In addition, 5,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $30,000. The following variances have been computed for the month: Materials quantity variance $ 3,900 U Labor spending variance $ 5,600 U Labor efficiency variance $ 600 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 months production. c. Compute the standard hours allowed per unit of product.