Sharp Company manufactures a product for which the following standards have been set Standard Quantity Standard Price Standard or Hours Cost or Rate 3 feet $5 per foot $15 Direct materials hours Direct labor per hour During March, the company purchased direct materials at a cost of $60,885, all of which were used in the production of 3,500 units of product. In addition, 5,000 hours of direct labor time were worked on the product during the month. The cost of this labor time was $42,500. The following variances have been computed for the month $2,850 U Materials quantity variance $3,300 U Labor spending variance 800 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 Actual cost per foot