Parsons Company is planning to produce 1, 400 units o product in 2017. Each unit requires 2.00 pounds of materials at $6.80 per pound and a half-hour of labor at $14.00 per hour. The overhead rate is 80% of direct labor. (a) Compute the budgeted amounts for 2017 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 $