Exercise 23-1 Shannon Company is planning to produce 1,400 units of product in 2014. Each unit requires 2.50 pounds of materials at $7.90 per pound and a half hour of labor at $14.60 per hour. The overhead rate is 70% of direct labor Compute the budgeted amounts for 2014 for direct materials to be used, direct laber, and applied overhead. Direct labor Overhead LINK TO TEKT LINK TO TEXT Compute the standard cost of one unit of product. (Round answer to 2 decimal places, ... 2.75.) Standard cost Click if you would like to show Work for this questioni Open Show Werk LINK TO TEXT LINK TO TEXT