A company produces a chemical compound that can be sold for industrial use. The direct materials and direct labor standards for one unit of the product are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 7.20 pounds $ 2.90 per pound $ 20.88 Direct labor 0.50 hours $ 10.00 per hour $ 5.00 During the most recent month, the following activity was recorded: 16,900.00 pounds of material were purchased at a cost of $2.60 per pound.