Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours 3 feet hours Direct materials Direct labor Standard Price Standard or Rate Cost $5 per foot $ 15 ? per hour 2 3 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 V 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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Reg 2 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 varlance. 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 18 Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cont Req 1B > per foot