Parsons Company is planning to produce 2,800 units of product in 2017. Each unit requires 1.20 pounds of materials at $ 5.60 per pound and a half-hour of labor atS 12.00 per hour. The overhead rate is 70% 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, e.g. 2.75.) Standard cost$