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Parsons Company is planning to produce 2,400 units of product in 2017. Each unit requires 3.40 pounds of materials at $4.00 per pound and a

Parsons Company is planning to produce 2,400 units of product in 2017. Each unit requires 3.40 pounds of materials at $4.00 per pound and a half-hour of labor at $12.00 per hour. The overhead rate is 40% of direct labor. (a) Compute the budgeted amounts for 2017 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 rounded to 2 decimal places

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