Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity Standard Price Standard or Hours or Rate Cost 3 feet $5 per foot $15 7 hours 7 per hour ? During March, the company purchased direct materials at a cost of $52,305, all of which were used in the production of 3,000 units of product. In addition, 4,600 direct labor-hours were worked on the product during the month. The cost of this labor time was $43.700 The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,550 U $ 3,200 U $ 900 U 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