Brief Exercise 23-1 Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 508,000 units. Total estimated cost for materials and labor are $1,066,800 and $1,422,400. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) Materials Labor (a) Standard cost (6) Budgeted cost Click if you would like to Show Work for this question: Open Show Work Brief Exercise 23-2 Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials- net purchase price $2.68, freight-in $0.55, and receiving and handling $0.23. (2) Quantity per gallon of finished product-required materials 3.54 pounds, allowance for waste and spoilage 0.70 pounds Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. pounds (b) Standard direct materials quantity per gollon (c) Total standard materials cost per gallon Labor data for making one gallon of finished product in Bing Company are as follows (1) Proe-hourly wage rate $16.96, payrol taxes $0.56, and fringe benefits $1.50. (2) Quantity-actual production time 1,46 hours, rest penods and deanup 0.26 hours, and setup and downtime 0.20 hours Compute the following. (Round answers to 2 decimal places, e.g. 25.) (a) Standard direct labor rate per hour (b) Standard direct labor hours per gallon (c) Standard labor cost per gallon