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Question: Parsons Company is planning to produce 2,100 units of product in 2017. Each unit requires 2.20 pounds of materials at $6.20 per pound and a half-hour of labor at $12.00 per hour. The overhead rate is 40% 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. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $

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