Exercise 23-1 Shannon Company is planning to produce 2,400 units of product in 2014. Each unit requires 3.50 pounds of materials at $4.80 per pound...

Exercise 23-1

Shannon Company is planning to produce 2,400 units of product in 2014. Each unit requires 3.50 pounds of materials at $4.80 per pound and a half-hour of labor at $15.80 per hour. The overhead rate is 80% of direct labor.

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Compute the budgeted amounts for 2014 for direct materials to be used, direct labor, and applied overhead.