Old Inc. has a standard costing system. In June, the standard price of direct materials were $8 per pound, and the actual quantity of direct materials purchased was 12,000 pounds. Old used 10,000 pounds of the materials in production. The material quantity variance was $6,000 Unfavorable, and the material price variance was $1,200 Favorable. What is the actual price per pound of direct materials purchased in June?

• $8.25 per pound

• $8.30 per pound

• $7.88 per pound

• $7.90 per pound