2. DM variances; part two! Lorax Ltd. makes a single product, the Thneed, and only one type of direct material is used to make this product. Lorax uses a standard costing system and has provided the following data concerning the production of Thneeds in October: Actual number of Thneeds produced 26,000 Thneeds Materials price variance $6,500 Favorable (F) Materials quantity variance $11,115 Unfavorable (U) Actual materials purchased and used 65,000 meters Actual price per unit of materials purchased/used $2.75 per meter Assume there were no beginning or ending inventories of direct materials. Calculate the standard quantity of direct materials used per each unit of output for Lorax, Ltd. Round your answer o the nearest 100th of a meter (i.e. show 2 decimal places)