Below is the Information regarding products and direct materials (DM) of a company for October: Standard price per pound DM Actual quantity of DM purchased Actual quantity of DM used in production Units of product manufactured DM price variance-favorable Budget data for the period: Units of product to manufacture Units of DM $ 7.25 3,160 pounds 3,860 pounds 780 $ 935 1,080 4,320 pounds What should be the actual purchase price per pound of direct materials? (Rounded to two decimal places.) Multiple Choice $6.91 O $7.93 O O $6.95. $7.55 $7.30