Parsons Company is planning to produce 1,400 units of product in 2020. Each unit requires 3.40 pounds of materials at $5.80 per pound and a half-hour of labor at $12.00 per hour. The overhead rate is 50% of direct labor. Compute the budgeted amounts for 2020 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor A Overhead (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $