Exercise 23-1 Shannon Company is planning to produce2,000units of product in 2014. Each unit requires3.00pounds of materials at $5.00per pound and a half-hour of labor at $15.00per hour. The overhead rate is70.00% of direct labor.

Compute the budgeted amounts for 2014 for direct materials to be used, direct labor, and applied overhead.

Direct materials	$
Direct labor	$
Overhead	$

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Compute the standard cost of one unit of product.(Round answer to 2 decimal places, e.g. 2.75.)

Standard cost

$