Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Direct materials Direct labor Hours 3 feet 2 hours Standard Price Standard or Rate Cost $5 per foot $ 15 ? per hour During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,400 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 $39,200. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 3,000 U $ 3,280 U $ 750 U