Exercise 14-16 (Algo) Developing raw material cost standards LO 14-8, 14-9 [The following information applies to the questions displayed below.] Lakeway Manufacturing Company manufactures and sells household cleaning products. The company's research department has developed a new cleaner for which a standard cost must be determined. The new cleaner is made by mixing 8 quarts of triphate solution and 3 pounds of sobase granules and bolling the mixture for several minutes. After the solution has cooled, 4 ounces of methage are added. This "recipe" produces 14 quarts of the cleaner, which is then packaged in 1-quart plastic dispenser bottles. Raw material costs are as follows: Exercise 14-16 (Algo) Part a Required: a. Using the preceding data, calculate the raw material cost for one bottle of the new cleaner. Note: Do not round intermediate calculations. Round final answer to 3 decimal places