Parsons Company is planning to produce 1,800 units of product in 2020. Each unit requires 3.40 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 $ 16.32 Direct labor $ 7.00 Overhead $ 6.30 (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $ 29.62