Michael Strahan Company calculates detailed variances for its direct material and direct labor costs. The following information is available for December Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance 40,000 pounds $ 6.00 per pound $ 8,000 Unfavorable $ 1,500 Favorable The actual price per pound of direct materials purchased in December was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $6.20 per pound $6.23 per pound