Sharp Company manufactures a product for which the following standards have been set: St.Qty.Hrs Standards Cost Direct Materials 3 feet St. Price or Rate $5 per foot ? Per hour $15 Direct labor ? hours ? During March, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3200 units of product. In addition, 4900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $36,750. The following variances have been computed for the month: Material quantity variance.... $4,500 U Total labor variance.. 1650 F Labor efficiency variance.... 800 U Required: 1 For Direct Materials: a. Compute the actual cost per foot for materials for march b. Compute the materials price variance and a total variance for materials Required 2: For direct Labor: a. Compute the standard Direct labor rate per hour b. Compute the standard hours allowed for the months production c. Compute the standard hours allowed per unit of product. (You must show all the step-wise calculations properly. Please note, no marks will be given without proper calculation. Write down the answer of the questions separately)