Parsons Company is planning to produce2,000units of product in 2017. Each unit requires3pounds of materials at $5per pound and a half-hour of labor at $16per hour. The overhead rate is70% of direct labor.

(a)

Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead.

Direct materials	$
Direct labor	$
Overhead	$

(b)

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

Standard cost

$