1 of 7 View Policies -/2 E 1 Current Attempt in Progress Parsons Company is planning to produce 2,000 units of product in 2022. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $16 per hour. The overhead rate is 70% of direct labor. (a) Compute the budgeted amounts for 2022 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor Overhead LA to (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $ Per Unit eTextbook and Media Save for Later Attempts: 0 of 3 used Submit