Regal Dog Food Company's standard quantity of direct materials is fifty pounds for each bag of premium dog food that it manufactures; the standard price is $0.50 per pound. During the most recent month, Regal manufactured 1,200 bags of premium dog food; 64,000 pounds of direct materials were actually purchased and used. The direct materials price variance for the month was $3,200 unfavorable. What was the actual cost per pound of direct materials?
a) $0.53
b) $0.55
c) $0.50
d) $0.58
