Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Standard Price or Rate $5 per foot ? per hour Standard Cost $15 Direct materials Direct labor During March, the company purchased direct materials at a cost of $43,335, all of which were used in the production of 2,425 units of product. In addition, 4,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $28,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $3,750 U $2,780 U $ 780 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 Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Standard Standard Price Cost or Rate $5 per foot $15 ? per hour Direct materials Direct labor During March, the company purchased direct materials at a cost of $43.335, all of which were used in the production of 2.425 units of product. In addition, 4,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $28,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $3,750 U $2,780 U $ 780 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