Sharp Company manufactures a product for which the following standards have been set: standard standard Standard Quantity or Hours 3 feet ? hours Price or Rate Cost Direct materials Direct labor $5 per foot $15 ? per hour 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 $3,000 U Labor spending variance Labor efficiency variance 750 u $3,200 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