Problem 10-11 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 3 feet ? hours or Rate 5 per foot Cost S 15 Direct materials Direct labor ? per hour During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,400 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $39,200. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $3,000 U $3,200 U $ 750 U Required 1. For direct materials: a. Compute the actual cost per foot for materials for March. (Round your answer to 2 decimal per foot b. Compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)) Price variance Spending variance 2. For direct labor. a. Compute the standard direct labor rate per hour. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Standard direct labor rate per hour b. Compute the standard hours allowed for the month's production. Standard hours hours c. Compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) Standard hours hours per unit