Julia Company produces a single product. The company has set the following standards for materials and labor: During the past month, the company purchased 7,000 pounds of direct materials at a cost of S17,500. All of this material was used in the production of 1,300 units of product. Direct labor cost totaled $36,750 for the month. The following variances have been computed: Required: 1. For direct materiale: 8. Compute the standard price per pound of materials. b. Compute the standard quantity allowed for materials for the month's production c. Compute the standard quantity of materials alfowed per unit of product. Julia Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standard machine-hours. At standard, each unit of product requires one machine-hour to complete. The standard variable overhead is $1.75 per machine-hour and Budgeted Fixed Manufacturing Costs are $300,000 per year. The denominator level of activity is 150,000 machine-hours, or 150,000 units. Actual data for the year were as follows: Required: a. What are the predetermined variable and fixed manufacturing overhead rates for the year? b. Compute the variable overhead rate and efficiency variances for the year. c. Compute the fixed manufacturing overhead budget and volume variances for the year