Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Standard Price or Rate Standard Cost $5 per foot ? per hour $ 15 ? Hours 3 feet ? hours During March, the company purchased direct materials at a cost of $54,615, all of which were used the production of 3,050 units of product. In addition, 5,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $30,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 3,900 U $ 5,600 U $ 600 U 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. Req 1ks Req 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to Actual cost per foot 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 Standard Cost $5 per foot ? per hour $ 15 During March, the company purchased direct materials at a cost of $54,615, all of which were used in the production of 3,050 units of product. In addition, 5,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $30,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 3,900 U $ 5,600 U $ 600 U 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. Req 1A Keq 18 Req 2 For direct materials, compute the price variance and the spending variance. (Do not round intermedia" the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect Input all amounts as positive values.) Price variance Spending variance Direct materials Direct labor Standard Quantity or Hours 3 feet ? hours Standard Price or Rate Standard Cost $5 per foot ? per hour $ 15 During March, the company purchased direct materials at a cost of $54,615, all of which were used the production of 3,050 units of product. In addition, 5,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $30,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 3,900 U $5,600 U $ 600 U 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. Req 1A Req 18 Req 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nea 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 2a. Standard direct labor rate per hour 2b. Standard hours allowed for the month's production 2c. Standard hours allowed per unit of product