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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 Direct materials Direct labor or Hours 3 feet ?hours or Rate $5 per foot ? per hour Cost $ 15 During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $47,000 The following variances have been computed for the month Materials quantity variance Labor spending variance $ 2,400 U $ 3,300 U $ 950 U abor efficiency variance 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 1A Req 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) ual cost per foot