Oxford Corporation produces a product that requires 3.3 pounds of materials per unit. The allowance...
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Oxford Corporation produces a product that requires 3.3 pounds of materials per unit. The allowance for waste and spoilage per unit is 2 pounds and 4 pounds, respectively. The purchase price is $4 per pound, but a 2% discount is usually taken. Freight costs are $.09 per pound, and receiving and handling costs are $.04 per pound. The hourly wage rate is $22.00 per hour, but a raise which will average $1.50 will go into effect soon. Payroll taxes are $1.40 per hour, and fringe benefits average $1.90 per hour. Standard production time is 1.5 hours per unit, and the allowance for rest periods and setup is. 4 hours and 2 hours, respectively. What is the standard direct materials price per pound? Round to two decimal places. Do not use a dollar sign. What is the standard direct labor hours per unit? Round to two decimal places
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