Do It! Review 23-1

Larkin Company accumulated the following standard cost data concerning product I-Tal.

Direct materials per unit: 3.42 pounds at $7.82 per pound

Direct labor per unit: 5.16 hours at $16 per hour

Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $27.20 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