1-The standard operating capacity of Tecate Manufacturing Co. is 1,000 units. A detailed study of the manufacturing data relating to the standard production cost of one product revealed the following: 1. Two pounds of materials are needed to produce one unit. 2. Standard unit cost of materials is $8 per pound. 3. It takes one hour of labor to produce one unit. 4. Standard labor rate is $10 per hour. 5. Standard overhead for this volume is $4,000. a. Set up a standard cost summary showing the standard unit cost