Exercise 15 14 Direct material variances-solving for price and usage variances LO 4,5 Company is a manufacturer of fiberglass toy boats. The company has recently implemented a standard cost system and has designed the system to isolate variances as soon as possible. During the month of May, the tolowing results were reported tor the production of 24,600 toy boats Direct materials (iberglass) purchased Direct materials issued into production Standard pounds allowed per boat Standard price per pound Cost of fiberglass purchased 50,000 pounds 40,200 pounds 1.5 pounds 56.46 $306,500 Required: a. Caiculate the actual cost per pound of ibergiass purchased during May. (Round your answer to 2 decimal places.) per pound b, Ca uae the drect matenais purchase prce varance for May (Do ot round intermediate calculations. Indicate the effect of each variance by selecting F" ftor favorable, "U"tor unfavorable, and "None" tor no effect(.e., zero variance).)