Sharp Company manufactures a product for which the following standards have been set Direct materials Direct Tabor Standard Quantity or Hours 3 feet hours Standard Price or Rate $5 per foot ? per hour Standard Cost $15 2 During March the company purchased direct materials at a cost of $56,610, all of which were used in the production of 2875 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 $37,600 The following variances have been computed for the month Materiais quantity variance Labor spending variance Labore efficiency wariance $ 4,05eu $ 2,130 5 7700 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 labon 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