Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. 2. 3. Purchased 17,600 units of raw materials on account at a cost of $3.60 per unit. Standard cost was $3.30 per unit. Issued 17,600 units of raw materials for jobs that required 17,250 standard units of raw materials. Incurred 16,000 actual hours of direct labor at an actual rate of $4.60 per hour. The standard rate is $5.10 per hour. (Credit Factory Wages Payable.) Performed 16,000 hours of direct labor on jobs when standard hours were 16.130. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. 4. 5 . Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Kansas Company uses a standard cost accounting system. In 2020, 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 $13.00. Normal capacity was 50,400 direct labor hours. During the year, 130,700 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 $1.307 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, eg. 2.75.) Standard materials price per pound $