Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials 3 feet $5 per foot $ 15 Direct labor 7 hours 7 per hour 7 1:27:08 nt 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 $ 3,200 U $ 750 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