Question - Tang Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Price-net purchase price $2.73 per pound, freight-in $0.75 per pound, and receiving and handling $0.45 per pound. (2) Quantity-required materials 3.06 pounds, allowance for waste and spoilage 0.76 pounds.
Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)
(a) Standard direct materials price per pound.
(b) Standard direct materials quantity per gallon.
(c) Total standard materials cost per gallon.