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Waterway Enterprises purchased 50,000 gallons of direct materials during the year at a price of $2.00 per gallon. Waterway's direct materials price variance was $5,000

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Waterway Enterprises purchased 50,000 gallons of direct materials during the year at a price of $2.00 per gallon. Waterway's direct materials price variance was $5,000 Favorable. Calculate the standard price per gallon of direct materials. (Round answer to 2 decimal places, e.g. 15.25.) $ Standard price 1/gal

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