Question 1 Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.90, freight-in $0.40, and receiving and handling $0.50. (2) Quantity per gallon of finished product-required materials 3.40 pounds, allowance for waste and spoilage 0.60 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. (b) Standard direct materials quantity per gallon. pounds Total standard materials cost per gallon. Question 2 Labor data for making one gallon of finished product in Bing Company are as follows. (1) Price-hourly wage rate $18.00, payroll taxes $0.50, and fringe benefits $1.30. (2) Quantity-actual production time 1.60 hours, rest periods and cleanup 0.30 hours, and setup and downtime 0.20 hours. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) Standard direct labor rate per hour. (b) Standard direct labor hours per gallon. hours hours Standard labor cost per gallon