On May 1, 2020, Barron 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 5,000 units of Sleek, and actual sales in May were 3,000 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. 1a. Compute the standard cost per pound of direct materials. Standard DM cost per lb Data table The standard costs for a unit of Sleek follow: Direct materials (2 lb. at $? per lb.) $ 10.00 Direct manufacturing labor (? hour at $15 per hour) 12.00 3.00 Manufacturing overhead (?% of direct manufacturing labor costs) ? Standard cost per unit The following data were obtained from Barron's records for the month of May: Debit Credit Revenues $ 180,000 Direct materials price variance $ 1,048 Direct materials efficiency variance 2,400 Direct manufacturing labor price variance 1,925 Direct manufacturing labor efficiency variance 2,250 -