Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost 3 feet $5 per foot $ 15 ? hours Direct materials Direct labor 3 feet $5 per foot During March, the company purchased direct materials at a cost of $52,740, all of which were used in the production of 2,750 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $40,500. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,700 U $ 3,100 U $ 850 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your ans Actual cost per foot Req 1A Req 1B Req 2 For direct materials, compute the price variance and the effect of each variance by selecting "F" for favor Input all amounts as positive values.) Price variance Spending variance Req 1A Req 1B Req 2 2a. For direct labor, compute the standard direct labor rate per hc 2b. For direct labor, compute the standard hours allowed for the r 2c. For direct labor, compute the standard hours allowed per unit 2a. Standard direct labor rate per hour 2b. Standard hours allowed for the month's production 2c. Standard hours allowed per unit of product Reg 1R