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Ivanhoe Company is planning to produce 1,400 units of product in 2025 . Each unit requires 2.00 pounds of materials at $6.80 per pound and a half-hour of labor at $14.00 per hour. The overhead rate is 80% of direct labor. (a) Compute the budgeted amounts for 2025 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 $ Per Unit