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Hopquiret: Agrichem manufactures insect-Be-Gone. Each bag of the product contains 56 pounds of direct materials....

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Accounting

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Hopquiret: Agrichem manufactures insect-Be-Gone. Each bag of the product contains 56 pounds of direct materials. Twenty percent of the materials evaporate during manufacturing. The budget allows the direct materials to be purchased at $2.50 per pound (gross cost) under terms of 4/10,n/30. The company's stated policy is to take all available cash discounts. Required: Determine the standard direct materials cost for one bag of Insect-Be-Gone. (Do not round intermediate calculations.)

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