Do It! Review 24-01

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

Direct materials per unit: 2.90 pounds at $4.80 per pound

Direct labor per unit: 2.00 hours at $13 per hour

Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $26.00 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

$