Parr-Carson produces a steel alloy product. Each pound of alloy is a mix of three elements: 8 ounces of carbon, 6 ounces of chromium, and 2 ounces of nickel. Raw material cost is as follows: carbon, $2.50 per pound; chromium, $5 per pound; and nickel, $12 per pound. Use a weighted average approach to determine the raw material cost per pound of alloy produced.