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E11-1 Shannon Company

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E11-1 Shannon Company is planning to produce 2,000 units of product in 2014. Each
unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $15 per
hour. The overhead rate is 70% of direct labor.

(a) Compute the budgeted amounts for 2014 for direct materials to be used, direct labor,
and applied overhead.
(b) Compute the standard cost of one unit of product.

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