Cell Styles K M A32 Xfx C D E F G H 1 1 Sharp Company manufactures a product for which the following standards have been set: 2 3 Standard Quantity Standard Price Standard 4 or Hours of Rate 5 Direct materials Cost per unit of product 3 feet $ 5 per foot 15 & Direct labor 7 hours 7 per hour 2 During March, the company purchased direct materials at a cost of $60,570, all of which were used in the production of 3.500 units of product. In addition, 5,000 direct labor-hours were actually worked on the product during the month. The cost of this labor time was 8 $75,000. The following variances have been computed for the month: 9 Output uni 10 3,500 11 Materials quantity variance $ 2,550 U 12 Labor total spending variance (not rate variance) $ 2,400 U 13 Labor efficiency variance $ 2,000 F 14 15 16 Required: (Keep two decimals) 17 0. As a preparation, lay out the materials and labor variance calculation framework 18 (Hint if a value is unknown, you can just put " or use "SO. SP for now and solve for it later.) 19 20 21 c D E F G H 1 1 M N + b. Compute the price variance 33 34 35 36 Using the framework, you can solve the following 37 1. Vor direct materials Compute the actual com per foot of materials for March 28 39 40 41 42 43 44 45 46 2. For direct labor 47 Compute the actual direct laborale per hour b. Compute the standard direct labor rate per hour 43 50 52 53 35. Computer anderd hours allowed for the month's production 4. Compute the standard hours allowed per unit of product 57 39 61 6