The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month.

	Standard Cost Per Unit				Standard Monthly Costs
Materials	$	4.40			$	10,120
Direct Labor 3 hrs. @ $2.50		7.50				17,250
Factory Overhead:
Variable		1.90				4,370
Fixed		6.00				13,800
	$	19.80			$	45,540

Variances:
Material price	217.50		unfavorable
Material quantity	770.00		unfavorable
Labor rate	600.00		favorable
Labor efficiency	2,300.00		unfavorable

What was the actual price paid for the direct material during the month, assuming all materials purchased were put into production?

rev: 11_08_2018_QC_CS-147436

$4.89.

$4.40.

$4.49.

$4.75.