(4) Crane Company produces a product that requires 2.60 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.30 pounds and 0.10 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.10 per pound, and receiving and handling costs are $0.03 per pound. The hourly wage rate is $10 per hour, but a raise which will werage $0.30 will 80 into effect soon. Payroll taxes are $1.00 per hour, and employee benefits average $2.00 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.20 hours and 0.10 hours, respectively. The standard direct materials price per pound is $2.13$1.96$2.09$2.00