16) Apple is releasing their new Apple Watch Series 8 this autumn, and you have been tasks with determining the standard cost. What is the standard cost of each unit produced? Below is the information that you'll need. This product can be produced at a rate of 24 per hour with a 4 person operating team who are each paid $20 per hour. The cost to run the machines used is $250 per hour. The total material cost for each watch is $55. Apple anticipates spending $4,500,000 on a marketing campaign. This product was developed by a 4 person engineering team across one year who each earn $120,000 annually. Apple is planning to produce 800,000 units. The Apple production plant is in operation 365 days per year for 8 hours per day