Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data [L010-1, LO10-2] Sharp Company manufactures a product for which the following standards have been set Standard Quantity Standard Price Standard or Rate Cost Direct materials Direct labor or Hours 3 feet ? hours $ 5 per foot 15 per hour 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 S47000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,400 u $ 3,300 U $ 950 U