Swifty Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $5 per pound, but a 2% discount is usually taken. Freight costs are $0.3 per pound, and receiving and handling costs are $0.06 per pound. The hourly wage rate is $12 per hour, but a raise which will average $0.3 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.2 hours and 0.1 hours, respectively. The standard direct materials price per pound is $5.26. $5.36. $4.90. $5.00. Bonita Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.1 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $11 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.2 hours and 0.1 hours, respectively. The standard direct labor rate per hour is $11.00. $14.90. $11.30. $14.60. Concord's standard quantities for 1 unit of product include 4 pounds of materials and 0.5 labor hours. The standard rates are $2 per pound and $3 per hour. The standard overhead rate is $4 per direct labor hour. The total standard cost of Concord's product is $9.50. $9.00. $3.50. $11.50. All of the following are advantages of standard costs except they 0000 facilitate management planning. simplify costing in inventories. increase net income. are useful in setting selling prices