Question 1 Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 536,000 units. Total estimated cost for materials and labor are $1,072,000 and $1,447,200 Compute the estimates for (a) a standard cost and (b) a budgeted cost.(Round standard costs to 2 decimal places, e.g. 1.25 Materials Labor (a) Standard cost (b) Budgeted cost s Click if you would like to Show Work for this question: Open Show Work