Standard Product Costs Deerfield Company manufactures product M in its factory. Production of M requires 2 pounds of material P, costing $22 per pound and 0.5 hour of direct labor costing, $28 per hour. The variable overhead rate is $26 per direct labor hour, and the fixed overhead rate is $30 per direct labor hour. What is the standard product cost for product M? Direct material $ Direct labor Variable overhead Fixed overhead Standard product cost per unit $