Exercise 23-1 Parsons Company is planning to produce 1,500 units of product in 2017. Each unit requires 1.60 pounds of materials at $5.00 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 Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost s