2. DM variances; part twol Fox in Socks, Ltd. makes a single product, pairs of...
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2. DM variances; part twol Fox in Socks, Ltd. makes a single product, pairs of designer socks, and only one type of direct material is used to make this product. Fox in Socks uses a standard costing system and has provided the following data concerning the production of pairs of socks in October: Actual number of pairs of socks produced 7,060 pairs of socks Materials price variance $7,920 Unfavorable (U) Materials quantity variance $2,612 Unfavorable (U) Actual materials purchased and used 7,200 yards Actual price per unit of materials purchased/used $6.40 per yard Assume there were no beginning or ending inventories of direct materials. Calculate the standard quantity of direct materials used per each pair of socks for Fox in Socks, Ltd. Round your answer to the nearest hundreth (i.e. show 2 decimal places)
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