Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials 3 feet $5 per foot $ 15 Direct labor 7 hours ? per hour 7 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 direct labor-hours 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 Labor spending variance Labor efficiency variance $ 3,450 V $ 3,000 U $ 750 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, Dawson Toys, Ltd.. produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 7 microns per toy at $0.31 per micron Direct labor: 1.2 hours per toy at $7.00 per hour During July, the company produced 5,100 Maze toys. The toy's production data for the month are as follows: Direct materials. 71,000 microns were purchased at a cost of $0.29 per micron. 26,375 of these microns were still in inventory at the end of the month. Direct labor. 6,620 direct labor-hours were worked at a cost of $48,988. Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance Material quantity variance 1b. Labor rate variance Labor efficiency variance