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 Rate or Hours 3 feet Cost Direct materials Direct labor $5 per foot15 hours ? per hour During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,190 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500 The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $1,950 U s 3,030 U $780 U