Fiberworks Company is a manufacturer of fiberglass toy boets. possible. During the month of May, the following results were reported for the production of 24,800 toy boats The company has recently implemented a standard cost system and has designed the system to isolate variances as soon as Direct materials (fiberglass) purchased Direct materials issued into production Standard pounds allowed per boat Standard price per pound Cost of fiberglass purchased 50,200 pounds 40,000 pounds 1.53 pounds $6.47 $311,240 Required: a. Calculate the actual cost per pound of fiberglass purchased during May. (Round your answer to 2 decimal places.) per pound b. Calculate the direct materials purchase price variance for May unfavorable, and "None" for no effect (.e., zero variance).) Do not round intermediate calculations. Indicate the effect o, each variance by se ting 0 orable, u or 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 (Le, zero variance).)