The Peacock Company manufactures fishing rods and reels. The company uses a standard cost system. The direct labor, direct materials and factory overhead for the model # 345 commercial fishing rod and reel are as follows:
Direct labor: Standard rate is $8 per hour
Standard time per unit is 1.5 hours
Direct materials: Standard price is $1 per linear foot
Standard quantity is 5 linear feet
Variable factory overhead: Standard rate is $10.50 per direct labor hour
Fixed factory overhead: Standard rate is $0.50 per direct labor hour
Determine the standard cost of the model #345 fishing rod and reel. Round the answer to nearest whole cent.