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 or Hours 3 feet ? hours Direct materials Standard Price or Rate $5 per foot ? per hour Direct materials Direct labor fets Standard Cost $ 15 $5 per foot $15 During March, the company purchased direct materials at a cost of $45,180, all of which were used in the production of 2,290 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 $32,900. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 3,300 U $ 3,130 U $ 780 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