Sheffield Company uses a standard cost accounting system. In 2022, 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 $12.00. Normal capacity was 50,300 direct labor hours. During the year, 131,900 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. (a) If the materials price variance was $2,638 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ If the materials quantity variance was $20,367 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit pounds What were the standard hours allowed for the units produced? Standard hours allowed hours Sheffield Company uses a standard cost accounting system. In 2022, 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 $12.00. Normal capacity was 50,300 direct labor hours. During the year, 131,900 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. (a) If the materials price variance was $2,638 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ If the materials quantity variance was $20,367 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit pounds What were the standard hours allowed for the units produced? Standard hours allowed hours