Exercise $14-33($Algo$)$ Determining Standard Direct Materials Cost $[$LO $14-4]$

Agrichem manufactures Insect$-$Be$-$Gone. Each bag of the product contains $60$ pounds of direct materials. Twenty percent of the materials evaporate during manufacturing. The budget allows the direct materials to be purchased at $$4\mathrm{.}00$ per pound $($gross cost$)$ under terms of $4/10,$ n$/30.$ The company$$s stated policy is to take all available cash discounts.

Required:

Determine the standard direct materials cost for one bag of Insect$-$Be$-$Gone.