Tammy Company uses both standards and budgets. For the year, estimated production of Product X is 565,000 units. Total estimated cost for materials and labor are $1,243,000 and $1,638,500 respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, eg. 1.25.) (a) Standard cost (b) Budgeted cost $ Materials 2.20 Labor 1638500