Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data ?010-1, L010-2] Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours 3 feet ? hours or Rate Cost Direct materials Direct labor $ 5 per foot 15 ? per hour During March, the company purchased direct materials at a cost of $54,285, 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 $44,100. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance s 1,350 U ? 3,300 U 850 U