Lopez company uses both standards and budgets. for the year, estimated production of product x is 597,000 units. total estimated cost for materials and labor are $1,194,000 and $1,671,600. compute the estimates for (a) a standard cost and (b) a budgeted cost. (round standard costs to 2 decimal places, e. g. 1.25.)

(a) Materials = $2 and Labor = $2.8

(b) Materials = $11,94,000 and Labor = $16,71,600

Explanation:

(a) Standard cost :

Standard cost is evaluated as a per unit amount.

For Materials,

=  

= $2

For Labor,

=  

= $2.8

(a) Budgeted cost :

Budget cost are evaluated as the total amount.

Therefore, for this year the budgeted cost are Materials = $11,94,000 and Labor = $16,71,600

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