Parsons Company is planning to produce 2,500 units of product in 2017. Each unit requires 1.00 pounds of materials at $6.20 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 80% of direct labor. Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead Direct materials s Direct labor overhead Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75) Standard cost