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 Standard or Rate $5 per foot Cost $15 ? per hour 7 During March, the company purchased direct materials at a cost of $44,100, all of which were used in the production of 2.350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $40,800. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 1,500 U $ 3,200 U $ 800 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.