Standard Product Costs Deerfield Company manufactures product M in its factory. Production of M requires 2 pounds of material P, costing $16 per pound and 0.5 hour of direct labor costing, $22 per hour. The variable overhead rate is $20 per direct labor hour, and the fixed overhead rate is $24 per direct labor hour. What is the standard product cost for product M?

Direct material			$Answer
Direct labor			Answer
Variable overhead			Answer
Fixed overhead			Answer
Standard product cost per unit			$Answer