2 Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2 10 points Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price Standard Cost or Rate eBook Direct materials Direct labor per foot per hour 3 feet $5 $ 15 ? hours Print During March, the company purchased direct materials at a cost of $64,440, all of which were used in the production of 3,500 units of product. In addition, 5,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $47,500. The following variances have been computed for the month: Reference Materials uantity variance Labor spending variance $3,400 U Labor efficiency variance $1,200 U $ 900 tU 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 1AReq 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) per foot Actual cost Req 1A Req 1B>