POSSIBLE POINTS: 8.7 Tom Wang works as managerial accountant at Champion Polo Ltd. and is responsible for variance analysis for direct materials required in the manufacturing of polo mallets. He was working on material variance for April and left the work in the middle of the day to attend a family emergency. When he came back to work the next day, the data he was working on got lost due to computer crash. He could not recover the data and has to start all over again. But he remember that each mallet used (actual) 5 metres of wood with a actual cost of 86 per metre and that there were 4,000 mallets completed during April. In addition, he remember that the materials price variance was $800 favourable, and the total materials vanance was $250 favourable 1) Calculate the standard price per metre of wood. Round off to two decimal places. Answers 2) Calculate the standard quantity of wood. Round off to two decimal places. Answers 13 14 15 16 17 18 19 20 21 22