(Answered) Question - parsons company is planning to produce 2900

Accounting

Question - Parsons Company is planning to produce 2,900 units of product in 2017. Each unit requires 2.00 pounds of materials at $7.00 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 60% 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.

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