Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard Direct materials Direct labor or Hours 3 feet ? hours or Rate $5 per foot ? per hour Cost s 15 During March, the company purchased direct materials at a cost of $57,090, all of which were used in the production of 3,400 units of product. In addition, 5,200 direct labor-hours were worked on the product during the month. The cost of this labor time was $54,600 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance $900 U 3,600 U 1,000 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