Exercise 15-1 Sheffield Company is planning to produce 2,100 units of product in 2017. Each unit requires 1.60 pounds of materials at $6.40 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 60% of direct labor. Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead. Direct materials Direct labor Overhead LINK TO TEXT Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard costs