Fiberworks Company is a manufacturer of fiberglass toy boats. The company has recently implemented a standard cost system and has designed the system to isolate variances as soon as possible. During the month of May, the following results were reported for the production of 25,400 toy boats: Direct materials(fiberglass) purchased Direct materials issued into production Standard pounds allowed per boat Standard price per pound Cost of fiberglass purchased 49,900 pounds 39,900 pounds 1.54 pounds $6.47 $306,885 Required: a. Calculate the actual cost per pound of fiberglass purchased during May. (Round your answer to 2 decimal places.) tual cost per pound b. Calculate the direct materials purchase price variance for May. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct materials purchase price variance c. Calculate the direct materials usage variance for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct materials usage varilanceF