Parsons company is planning to produce 2, 900 units of product in 2017. Each unit require 2.00 pounds of materials at $7.00 per pound and a half hour of labor at $16.00 per hr. 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 Overhead b Compute the standard cost of one unit of product. standard cost