Problem 23-4A (Part Level Submission) Kansas Company uses a standard cost accounting system. In 2017, the company produced 27,600 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct laborat a standard hourly rate of $12.00. Normal capacity was 50,300 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.90 per pound. All materials purchased were used during the year. If the materials price variance was $5,208 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, eg, 2.75.) Standard materials price per pound Click if you would like to Show Work for this question: Open Show Work