Parsons Company is planning to produce 2,700 units of product in 2017. Each unit requires 1.60 pounds of materials at $ 5.40 per pound and a half-hour of labor at $ 14.00 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 $ Direct labor Overhead Compute the standard cost of one unit of product. (Round answer to 2 decimal places, eg. 2.75) Standard cost $