please answer and explain questions 1 and 2 of problem 10-11 Direct Materials and Direct Labor Variances;Computations from incomplete data

3. Compute the labor rate and efficiency variances I PROBLEM 10-11 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 ed vallo or Hours or Rate Cost Direct materials . 3 feet $11 per foot $33 Direct labor ? hours ? per hour ? lado finU no Peonshav During March, the company purchased direct materials at a cost of $111,300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance $4,400 U Labor spending variance . . . . . . . $450 F Labor efficiency variance . . . . . $2,000 U Required: 1 . For direct materials: a. Compute the actual cost per foot of materials for March. b. 2. For direct labor: Compute the price variance and the spending variance. a. Compute the standard direct labor rate per hour. 1 60.88 b. C. Compute the standard hours allowed for the month's production. Compute the standard hours allowed per unit of product. (Hint: In completing the problem, it may be helpful to move from known to unknown data either by using the columnar format shown in Exhibits 10-4 and 10-6 or by using the variance formulas in Exhibits 10-5 and 10-7.)