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Sheridan Company produces a product that requires 2.60 pounds of materials per unit. The allowance for waste anc spoilage per unit is 0.30 pounds and 0.10 pounds, respectively. The purchase price is $4 per pound, but a 2% discount is usually taken. Freight costs are $0.40 per pound, and receiving and handling costs are $0.03 per pound. The hourly wage rate is $11 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.10 per hour, and employee benefits average $2.20 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.20 hours and 0.10 hours, respectively. The standard direct materials price per pound is $4.43$4.00$3.92$4.35