Perez Company uses both standards and budgets. For the year, estimated production of Product X is 500,000

Question:

Perez 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 $1,300,000 and $1,700,000. Compute the estimates for
(a) A standard cost and
(b) A budgeted cost.