Exercise 24-01 a-b (Video) Cheyenne Company is planning to produce 2,000 units of product in 2020. Each unit requires 1.40 pounds of materials at $7.60 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 80% of direct labor. Compute the budgeted amounts for 2020 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 Click if you would like to Show Work for this question: Open Show Work Exercise 24-02 (Video) xYour answer is incorrect. Try again Oriole Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch 2,350 ounces of grape concentrate at $0.08 per ounce 54 pounds of granulated sugar at $0.55 per pound 60 lemons at $0.80 each 200 yeast tablets at $0.28 each 150 nutrient tablets at $0.11 each 3,200 ounces of water at $0.005 per ounce Oriole estimates that 6% of the grape concentrate is wasted, 10% of the sugar is lost, and 25% of the lemons cannot be used Compute the standard cost of the ingredients for one gallon of wine. (Round intermediate calculations and final answer to 2 decimal places, e.g. 1.25.) Standard Cost Per Gallon Click if you would like to Show Work for this question: Open Show Work Exercise 24-03 (Video) Cheyenne Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.00 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 1.00 pounds. Materials cost $4 per pound, but Cheyenne always takes the 2.00% cash discount all of its suppliers offer. Freight costs average $0.25 per pound. Direct labor. Each unit requires 1.90 hours of labor. Setup, cleanup, and downtime average 0.10 hours per unit. The average hourly pay rate of Cheyenne's employees is $13.70. Payroll taxes and fringe benefits are an additional $2.30 per hour Manufacturing overhead. Overhead is applied at a rate of $6.00 per direct labor hour. Compute Cheyenne's total standard cost per unit. (Round answer to 2 decimal places, e.g. 1.25.) Total standard cost per unit Click if you would like to Show Work for this question: Open Show Worlk