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 Price or Rate Standard Quantity Standard Cost or Hours 3 feet ? hours Direct materials $5 per 15 foot per Direct labor hour During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400 The following variances have been computed for the month Materials quantity variance $2,250 U Labor spending variance Labor efficiency variance $1,000 U $3,400 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