18. Camden Company reported a favorable direct labor rate variance of $1,443 and an unfavorable direct labor efficiency variance of $968 in July. During the same month, the company worked 4,810 direct...

Extracted text: 18. Camden Company reported a favorable direct labor rate variance of $1,443 and an unfavorable direct labor efficiency variance of $968 in July. During the same month, the company worked 4,810 direct labor hours. However, 4,730 hours should have been worked given the actual production in July based on standards set by management. What was the actual rate paid per direct labor hour in July? Round your answer to the nearest penny.