Marcus Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are $1,200,000 and $1,600,000. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard cost to 2 decimal places, e.g. 10.50.) Materials Labor Standard Cost $ $ Budgeted Cost $ $