DMA Inc. processes corn into corn starch and corn syrup. The company's productivity and cost standards follow: - From every bushel of corn processed, 12 pounds of starch and 7 pounds of syrup should be produced. - Standard direct labor and variable overhead total $0.54 per bushel of corn processed. - Standard fixed overhead (the predetermined fixed overhead application rate) is $0.38 per bushel processed. Required: a. Calculate the standard absorption cost per pound for the starch and syrup produced from the processing of 16,000 bushels of corn if the average cost per bushel is $1.65 . (Do not round intermediate calculations. Round final answer to 3 decimal places.) b. Comment about the usefulness of this standard cost for management planning and control purposes