Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Hours 3 feet 7 hours Standard Price or Rate Standard Cost 7 per hour $ 15 2 $5 per foot 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 Required: 1. For direct materials: $ 3,000 U $3,200 U $ 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.