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 $49,170, all of which were used in the production of 2,750 units of product. In addition, 4,500 hours of direct labor time were worked on the product during the month. The cost of this labor time was $36,000. The following variances have been computed for the month: Materials quantity variance $ 3,450 U Labor spending variance $ 3,000 U Labor efficiency variance $ 750 U

Sharp Company manufactures a product forwhich the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost 3 feet Direct materials $5 per foot S15 Direct labor hours per hour During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2,750 units of product. In addition, 4,500 hours of direct labor time were worked on the product during the month. The cost of this labor time was S36,000. The following variances have been computed for the month: Materials quantity variance S3,450 U Labor spending variance S3,000 U S 750 U Labor efficiency variance Required 1. For direct materials: a. Compute the actual cost per foot for materials for March. (Round your answer to 2 decimal places. S 5.50 per foot ual cost 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)) F Price variance Spending variance