S. 25.00 points Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data LO10-1, LO10-21 Sharp Company manufactures a product for which the following standards have been set Standard Quantity Standard Price Standard Cost or Hours or Rate 3 feet Direct materials $5 per foot $15 Direct labor hours per hour During March, the company purchased direct materials at a cost of $59,040, all ofwhich were used in the production of 3,000 units of product. In addition, 4,600 hours of direct labortime were worked on the product during the month. The cost ofthis labor time was $34,500. The following variances have been computed for the month $4,200 U Materials quantity variance $3,900 U Labor spending variance 680 U Labor efficiency variance