Brief Exercise 23-1 Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 549,000 units. Total estimated cost for materials and labor are $1,207,800 and $1,537,200. 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 I (a) Standard cost A (b) Budgeted cost $ A