To find the cost of the wood for the storage cube, we need to find the surface area of the cube.
Since each edge of the cube is 14 inches, the length of each side of the cube is also 14 inches.
The surface area of a cube is found by multiplying the length of one side by itself, and then multiplying by 6 (since a cube has 6 equal sides).
Surface Area = 14 inches * 14 inches * 6 = 1176 square inches
Now, to find the cost of the wood, we multiply the surface area by the cost per square inch.
Cost of wood = 1176 square inches * $0.03/square inch = $35.28
Therefore, the cost of the wood for the storage cube will be $35.28.