Exercise 15-3 Novak Company has gathered the following information about its product. Direct materials, Each unt of product contains 4.4 pounds of materials. The average waste and spolage per unit produced under normal conditions is 0.6 pounds. Materials cost $5 per pound, but Novak always takes 2% cash discount all of its suppliers offer. Freight costs average $0.29 per pound Drect labor. Each unit requires 2 hours of labor Setup, cleanup, and downtime average 0.5 hours per unt. The average hourly pay rate of Novak's employees is $10. Payroll taxes and fringe benefits are an addtional $3 per hour Manufactuning overhead. Overhead is applied at a rate of $7 per drect labor hour Compute Novak's total standard cost per unt. (Round answer to 2 decimal places, ea. 1.25,) Total standard cost per unit Exercise 15-3 Novak Company has gathered the following information about its product Direct materals. Each unit of product contains 4.4 pounds of materials. The average waste and spoilage per unt produced under normal conditions is 0.6 pounds. Materials cost $5 per pound, but Novak always takes the 2 % cash discount all of its suppliers offer. Freight costs average $0.29 per pound. Direct labor. Each unit requires 2 hours of labor. Setup, deanup, and downtime average 0.5 hours per unit, The average hourly pay rate of Novak's eployees is $10. Payroll taxes and fringe benefits are ae additional $3 per hour Manufacturing overhead. Overhead is appied at a rate of $7 per drect labor hour Compute Novak's total standard cost per unit. (Round answer to 2 decimal places, e.g. 1.25.) Total standard cost per unit s