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Lopez Company uses both standards and budgets. For the year, estimated production of Product X...

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Accounting

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.) Materials Labor (a) Standard cost $ $ (b) Budgeted cost $ $

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