Sharp Company manufactures a product with the following standards: Standard Quantity or HoursStandard Price or RateStandard CostDirect materials$3$feet$ $5$per foot$ $15$Direct labor?question markhours?question markper hour?question markDuring March, the company purchased direct materials for $$54,630,$ all of which were used in the production of $2,875$ units. In addition, $4,700$ direct labor$-$hours were worked on the product during the month. The cost of this labor time was $$47,000.$ The following variances have been computed for the month:Materials quantity variance$ $2,400$ULabor spending variance$ $3,300$ULabor efficiency variance$ $950$URequired:For direct materials:Compute the actual cost per foot of materials for March.Compute the price variance and the spending variance.For direct labor:Compute the standard direct labor rate per hour.Compute the standard hours allowed for the months production.Compute the standard hours allowed per unit of product.