Sunland Company is planning to produce 2,000 units of product in 2022. Each unit requires 1.4 pounds of materials at $7.6 per pound and a half-hour of labor at $16 per hour. The overhead rate is 80% of direct labor.
(a) Compute the budgeted amounts for 2022 for direct materials to be used, direct labor, and applied overhead.
Direct materials $enter a dollar amount
Direct labor $enter a dollar amount
Overhead $enter a dollar amount
(b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.)
Standard cost $enter the standard cost per unit in dollars rounded to 2 decimal places Per Unit