Larkin Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit 1.10 pounds at $4.60 per pound Direct labor per unit: 3.70 hours at $10 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $20.00 per direct labor hour Compute the standard cost of one unit of product 1.Tal. (Round answer to 2 decimal places, eg. 2.75) Standard cost $