Owl Manufacturing's variance report for the purchasing department was partially prepared by the company's intern. Unfortunately, the intern is on spring break this week and another accountant has been asked to complete the variance report. What amount should be reported under "Standard price" for sugar? Raw material Quantity purchased Actual price Standard price Price variance ? lbs. Flour $12.00 $13,200? $12.48 7,000 lbs. 7.92 2,520 U Cocoa 22,000 lbs. Sugar 0.96 880 F A $0.48 $0.74 C) $0.92 D $1.00