Distinguish between standard and budget costs. BE12.1 (LO 1) Valdez Company uses standards and budgets. For the year, estimated production of product X is 500,000 units. The total estimated costs for materials and labour are $1.3 million and $1.7 million, respectively. Calculate the estimates for (a) a standard cost and (b) a budgeted cost. Determine direct materials standards. BE12.2 (LO 1) Hideo Company accumulates the following data concerning raw materials in making one unit of finished product: (1) Price-net purchase price $2.50, freight in $0.40, and receiving and handling $0.25. (2) Quantity-required materials 3 kg, allowance for waste and spoilage 0.5 kg. Calculate the following: a. standard direct materials price per unit b. standard direct materials quantity per unit c. total standard material cost per unit