Parsons Company is planning to produce 1,100 units of product in 2020. Each unit requires 2.60 pounds of materials at $4.80 per pound and a half hour of labor at $14.00 per hour. The overhead rate is 90% of direct labor. (a) Compute the budgeted amounts for 2020 for direct materials to be used, direct labor, and applied overhead. Direct materials S Direct labor $ Overhead $ (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, eg. 2.75.) Standard cost