b. Compute the price variance and the spending variance. (include F &U)

2. For direct labor:

a. compute the standard direct labor rate per hour.

b. compute the standard hours allowed for the months production.

Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours 3 feet ? hours Cost $15 or Rate Direct materials Direct labor $5 per foot ? per hour During March, the company purchased direct materials at a cost of $59,250, all of which were used in the production of 3,380 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $40,350. The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance $1,800 U $ 210 F $1,360 F Required 1. For direct materials a. Compute the actual cost per foot for materials for March. (Round your answer to 2 decimal places.) ctual cost per foot