Summit Manufacturing has a standard costing system. The following data are available for October: • • Actual quantity of direct materials purchased: 40,000 pounds Standard price of direct materials: $6 per pound Material price variance: $4,800 unfavorable Material quantity variance: $3,200 favorable What is the actual price per pound of direct materials purchased in October?

Summit Manufacturing has a standard costing system. The following data are available for October: • • Actual quantity of direct materials purchased: 40,000 pounds Standard price of direct materials: $6 per pound Material price variance: $4,800 unfavorable Material quantity variance: $3,200 favorable What is the actual price per pound of direct materials purchased in October?

The Smith company uses standerd costing

Glacier Textiles uses a standard costing system. The following data are available for November: • • Actual quantity of direct materials purchased: 25,000 yards Standard price of direct materials: $4 per yard Material price variance: $1,500 favorable Material quantity variance: $2,800 unfavorable Required: What is the actual price per yard of direct materials purchased in November?