Problem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2] Sharp Company manufactures a product for which the following standardis have been set: 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 variarices have been computed for the month: Required: 1 For direct matertais a. Compute the actual cont per foot of maternas for March b. Compute the price varrance and the spending vanance. 2 For direct sabor: a. Compute the standird cirect labor rate per nour, b. Compute the stanchird hours aliowed for the month's production. c. Computeg the standard hours allowed per unit of product