A Company produces a single product. The company has set the following standards for materials and labor:
Std qty or hours per unit Std price or rate
Direct materials ? pounds per unit $? per pound
Direct labor 2.0 hours per unit $9 per hour
During the past month, the company purchased 8,200 pounds of direct materials at a cost of $18,450. All of this material was used in the production of 2,600 units of product. Direct labor cost totaled $49,000 for the month. The following variances have been computed:
Materials quantity variance $ 1,100 U
Total materials variance $ 3,000 F
Labor efficiency variance $ 1,800 F
For direct materials compute the standard price per pund of materials, the standard qty allowed for materials for the months production and the standard qty of materials allowed per unit of product.