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

staple goods and impulse goods are examples of convenience products which consumers usually  buy. these products can be bought almost everywhere and are readily available for purchase. usually, the quality and price of the product are not considered. examples of staple goods are sugar and bread, while impulse goods examples are chocolates and magazine.