Parsons Company is planning to produce 2,000 units of product in 2020. Each unit requires 1.40 pounds of materials at $7.60 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 80% of direct labor.

(a) Compute the budgeted amounts for 2020 for direct materials to be used, direct labor, and applied overhead.

Direct materials $ enter a dollar amount

Direct labor $ enter a dollar amount

Overhead $ enter a dollar amount

(b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.)

Standard cost $ enter the standard cost of one unit of product in dollars rounded to 2 decimal places