Diamond Company produces a single product. The company has set the following standards for materials and labor: Standard quantity or Standard price hours per unit or rate Direct materials pounds per unit per pound Direct labor 3.0 hours per unit $11 per hour During the past month, the company purchased 8 200 pounds of direct materials at a cost of $16810. All of this material was used in the production of 1,500 units of product. Direct labor cost totaled $51,920 for the month. The following variances have been computed: 1,645 U Materials quantity variance 815 F Total materials variance 00 F Labor efficiency variance Required: 1. F direct materials or a. Compute the standard price per pound of materials. (Round your intermediate calculations and final answer to 2 decimal places. Omit the sign in your response.) per pound Standard price b. Compute the standard quantity allowed for materials for the month's production. (Round your intermediate calculations to 2 decimal places.) pounds Standard quantity