Florence's Exquisite Candies makes premium handorafted chocolate confections in Rexburg, Idaho. The owner of the company is setting up a standard cost system and has collected the following data for one of the company's products, the Idaho Truffle. This product is made with the finest chocolate and various Fillings. The data below pertain only to the chocolate used in the product: Purchase of chocolate Chocolate is purchased at $7.75 per pound. A discount of 3% is offered by the supplier for payment within 15 days, and Florence's takes all discounts. Shipping costs paid by Florence's amount to $0.45 per pound and receiving and handling costs incurred by Florence's come to $0.05 per pound. Use of chocolate: The bill of materials calls for 1.50 per dozen truffles. About 5% of chocolate is lost during the process of making each dozen truffles. In addition, Florence's plans to add a 3 out of 100 rejection allowance for each dozen truffles. Required (Do not round intermmediate calculations. Round final answer to 2 decimal places.): 1. Determine the standard price of a pound of chocolate 2. Determine the standard quantity of chocolate for a dozen truffles