Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Standard Price or Rate Standard Cost $ 5 per foot ? per hour $ 15 ? Hours 3 feet ? hours During March, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3,200 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 $36,750. The following variances have been computed for the month: Materials quantity variance Labor spending variance $ 4,500 U $ 3,150 U Labor efficiency variance Required: 1. For direct materials: $ 700 U 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.