Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 553,000 units. Total estimated cost for materials and labor are $1,271,900 and $1,659,000 Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) Materials Labor (a) Standard cost (b) Budgeted cost