During 2021, Angel Corporation had 970,000 shares of common stock and 85,000 shares of 5% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $370,000 and $185,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, Angel issued $2,070,000 of convertible 4% bonds at face value. Each $1,000 bond is convertible into five common shares. Angel's net income for the year ended December 31, 2021, was $7.05 million. The income tax rate is 25%. What is Angel's basic earnings per share for 2021, rounded to the nearest cent

Doogan corporation makes a product with the following standard costs: standard quantity or hours standard price or rate direct materials 2.0 grams $ 7.00 per gram direct labor 1.6 hours $ 12.00 per hour variable overhead 1.6 hours $ 6.00 per hour the company produced 5,000 units in january using 10,340 grams of direct material and 2,320 direct labor-hours. during the month, the company purchased 10,910 grams of the direct material at $7.30 per gram. the actual direct labor rate was $12.85 per hour and the actual variable overhead rate was $5.80 per hour. the company applies variable overhead on the basis of direct labor-hours. the direct materials purchases variance is computed when the materials are purchased. the materials quantity variance for january is: