(Answered) Assignmentparsons company is planning to produce 2000 units

Accounting

Assignment

Parsons Company is planning to produce 2,000 units of product in 2017. Each unit requires 1.40 pounds of materials at $7.60 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 80% of direct labor.

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

(b) Compute the standard cost of one unit of product.

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