Problem 23-4A (Part Level Submission) Kansas Company uses a standard cost accounting system. In 2017, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 50,400 direct labor hours. During the year, 130,700 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. If the materials price variance was $1,307 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials pice per pound Click if you would like to Show Work for this question:Open Show Work