Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours 3 feet ? hours or Rate Cost Direct materials Direct labor $5 per foot 15 ? per hour During March, the company purchased direct materials at a cost of $52,965, all of which were used in the production of 2,920 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500 The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 4,350 U 3,030 u $ 780 U