Paua Bay Ski Company manufactures water skis. Standard costs are as follows: Standard Inputs Standard Cost/Ski Set Direct materials 12 lbs. at $4/lb $48 Direct manufacturing labor 3 hrs at $15/hr $45 Following are data for March: Units budgeted 325 Units completed 300 $20,500 Cost of direct materials purchased Actual direct manufacturing labor hrs. Actual direct labor cost 1,000 $15,500 Direct materials price variance $500U Direct materials efficiency variance $500F Beginning inventory 0 1. How many pounds of material were used in production for March? 2. What was the actual price per pound?