Parsons Company is planning to produce 1,500 units of product in 2017. Each unit requires 1.60 pounds of materials at $5.00 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is...

Parsons Company is planning to produce 1,500 units of product in 2017. Each unit requires 1.60 pounds of materials at $5.00 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.