Standard Product Costs Deerfield Company manufactures product M in its factory. Production of M requires 2 pounds of material P costing $6 per pound and 0.5 hour of direct labor costing, $12 per hour. The variable overhead rate is $10 per direct labor hour, and the fixed overhead rate is $14 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