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The Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Pricenet purchase price $2.20, freight-in $0.20 and receiving

The Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Pricenet purchase price $2.20, freight-in $0.20 and receiving and handling $0.10. (2) Quantityrequired materials 2.6 pounds, allowance for waste and spoilage 0.4 pounds. Compute the following: Standard materials cost per gallon Group of answer choices 7.00 $8.50 $7.50 $7.75

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