Parsons Company is planning to produce 1,500 units of product in 2017. Each unit requires 1.60 pounds of materials at $5.00 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 60% 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 4 Overhead (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard costs Click if you would like to Show Work for this question: Open Show Work