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 or Hours 3 feet Cost 15 or Rate Direct materials Direct labor $5 per foot hours ? per hour During March, the company purchased direct materials at a cost of $44,160, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $36,000 The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance 3,150 U $ 3,100 U 700 U 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