3) Miller Manufacturing Corporation has the following information regarding direct materials:

Actual pounds of direct materials purchased and used 47,000

Standard quantity of direct materials 2.5 pounds per finished good

Actual production 20,000 finished goods

Direct materials quantity variance $11,500 F

Direct materials price variance $9,400 U

Compute Miller's Standard Price (SP) per pound and Actual Price (AP) per pound of direct materials.