Below is the information regarding products and direct materials (DM) of Nathan Inc. for October Standard price per pound DM Actual quantity of DM purchased Units of product manufactured DM price variance-favorable Budget data for the period: Units of product to manufacture Units of direct materials $ 8.05 3,450 pounds 860 $1,015 1,160 4,640 pounds What should be the actual purchase price per pound of direct materials? (Rounded to two decimal places.) Multiple Choice $8.34 $7.76. $8.09 Multiple Choice $8.34 $776. $8.09. $7.72