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Problem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2) Sharp Company manufactures a product for which the following standards have been set Standard Quantity Standard Price standard or Hours or Rate Cost 3 teet $5 per foot $ 15 7 hours 7 per hour 2 Direct materials Direct labor During March, the company purchased direct materials at a cost of $52,305, all of which were used in the production of 3,000 units of product. In addition, 4,600 direct labor-hours were worked on the product during the month. The cost of this labor time was $43,700 The following variances have been computed for the month: Materiale quantity variance Labor spending variance Labor efteteney variance $ 2,550 U $ 3,200 U $ 900 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. Reg 1A Reg 1B Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cont per foot RARIA Reg 1B > Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 "Req 2 For direct materials, compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance) Input all amounts as positive values.) Price variance Spending variance Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar.) 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round your intermediate value.) 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) 2a. Standard direct labor rate per hour 26. Standard hours allowed for the month's production 2. Standard hours allowed per unit of product