Do It! Review 15-1 Novak Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 2 pounds at $5.20 per pound Direct labor per unit: 0.3 hours at $16.50 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $18.90 per direct labor hour Compute the standard cost of one unit of product I-Tal. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost