Cutting: 0.2 hrs per 5' x10' sheet cut

Stamping: 0.02 hrs per 2'x2' square stamped

Riveting: 0.09 hrs per tank riveted

Material price per 5' x10' sheet - $60 per sheet

wage rate for cutting, stamping and riveting operators - $ 8 per hr

wage rate for welders - $8 per hour

fabrication shop budgeted

Over head - $120,000 + $2.00/ direct labor hr

Normal is 100,000 direct labor hrs per year

scrap has no value

Determine the total standard cost to be applied to or absorbed by each gas tank leaving the fabrication shop.