4 Part 2 of 2 14.28 points, eBook Required information Check my work Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.40 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour. Hint Print References QS 21-6 (Algo) Total Cost variances LO P2 Assume the actual cost to manufacture 120 bats is $7,440.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Actual cost $ 7,440 Budgeted standard cost Total cost variance. $ 7,440