Larkin Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 2.00 pounds at $5.00 per pound Direct labor per unit: 0.20 hours at $16 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 I-Tal. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $