In preparing the standard cost for each unit of Q245, the company's only product, the accountant for Commerce Chemicals Corporation, has developed the following data for the year 2016:
Total budgeted production, 30,000 units
Raw material:
Three units of raw material are required for each unit of finished goods. The cost of each unit of raw material is $20.
Labor:
Four hours of direct labor are required for each unit of finished goods. The labor rate per hour is $15.00.
Manufacturing overhead:
Overhead is 20 percent of direct labor.
Compute the standard cost per unit of product, showing the standard cost of materials, labor, and overhead.