oklahoma manufacturing company uses a standard cost accounting system in 2012 the co 1553851

Oklahoma Manufacturing Company uses a standard cost accounting system. In 2012, the company produced 28,100 units. Each unit took several pounds of direct materials and 1½ standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,350 direct labor hours. During the year, 130,000 pounds of raw materials were purchased at $0.93 per pound. All materials purchased were used during the year. If the materials price variance was $2,600 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)