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Ayayai Company accumulates the following data concerning raw materials in making one gallon of finished product

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Ayayai Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.30, freight-in $0.30, and receiving and handling $0.20. (2) Quantity—required materials 2.70 pounds, allowance for waste and spoilage 0.50 pounds