Sharp Company manufactures a product for which the following standards have been set Direct materials Direct labor Standard Quantity or Hours 3 feet hours Standard Price or Rate $11 per foot 7 per hour Standard Cost $33 During March, the company purchased direct materials at a cost of $111,300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance 54.400 5 450 5 2,000 Required: 1. For direct materials Comoute the actual cost per foot of materials for March b. Compute the price variance and the spending variance 2 For direct labor Compute the standard direct labor rate per hour Compute the standard hours allowed for the month production Compute the standard hours allowed per unit of product 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal plac Actual cost per foot For direct materials, compute the price variance and the spending variance. (Do not round intermediate calculat the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero Input all amounts as positive values.) Price variance Spending variance Req1A Req 1B Req 2 2a. For direct labor, compute the standard direct labor rate per hour. 2b. For direct labor, compute the standard hours allowed for the month's production 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) Show less 2a Standard direct labor rate per hour 26. Standard hours allowed for the month's production 20 Standard hours allowed per unit of product