On May$1,2020,$ Lester Company began the manufacture of a new paging machine known as Sleek. The company installed a standard costing system to account for manufacturing costs. The standard costs for a unit of Sleek and other information$$ follow: Actual production in May was $4700$ units of$$ Sleek, and actual sales in May were $3500$ units. The amount shown for direct materials price variance applies to materials purchased and used during May. There was no beginning inventory of materials on May$1,2020.$On May $1,2020,$ Lester Company began the manufacture of a new paging machine known as Sleek. The company installed a standard

costing system to account for manufacturing costs. The standard costs for a unit of Sleek and other information follow:

$($Click the icon to view the information$)$

Actual production in May was $4,700$ units of Sleek, and actual sales in May were $3,500$ units. The amount shown for direct

materials price variance applies to materials purchased and used during May. There was no beginning inventory of materials on

May $1,2020.$

Read the requirements.

Requirements

Compute each of the following items for Lester Company for the month of May

Show your computations by first selecting the formula, then entering the amounts

in the formula, and then solving for your answer.

$($a$)$ Standard cost per pound of direct materials, $($b$)$ Standard hours per unit

of direct manufacturing labor, $($c$)$ Standard manufacturing overhead cost

expressed as a percentage of standard direct manufacturing labor cost, $($d$)$

Standard cost per unit $($paging machine$)$

Standard direct manufacturing labor$-$hours allowed for actual output

produced

Actual direct manufacturing labor$-$hours worked

Actual direct manufacturing labor wage rate

Standard quantity of direct materials allowed $($in pounds$)$

Actual quantity of direct materials purchased and used $($in pounds$)$

Actual direct materials price per pound

$1$a$.$ Compute the standard cost per pound of direct materials.

$=,$ per lb