Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Hours 3 feet ? hours Rate Standard Price or Standard Cost $ 15 ? $5 per foot ? per hour During March, the company purchased direct materials at a cost of $53,730, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: Materials quantity variance Labor spending variance $ 1,650 U $ 3,100 U Labor efficiency variance Required: 1. For direct materials: $ 750 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