Question: Marcus Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor

Marcus Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are $1,200,000 and $1,600,000. Compute the estimates for

(a) A standard cost and

(b) A budgeted cost.

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