Exercise 11-2 Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 70-gallon batch. 4,000 ounces of grape concentrate at $0.06 per ounce 105 pounds of granulated sugar at $0.36 per pound 112 lemons at $0.88 each 280 yeast tablets at $0.23 each 70 nutrient tablets at $0.12 each 3,400 ounces of water at $0.001 per ounce Hank estimates that 4% of the grape concentrate is wasted, 13% of the sugar is lost, and 25% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine. (Round intermediate calculations and final answer to 2 decimal places, e.g. 1.25) Standard Cost Per Gallon