Oklahoma Manufacturing Company uses a standard cost accounting system. In 2012, the company produced 28,300 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 49,610 direct labor hours. During the year, 131,600 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year.
If the materials price variance was $2,632 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.)
| Standard materials price per pound |
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$ |