A manufactured product has the following information for August. Standard Actual Direct materials 2 lbs. per unit @ $4.00 per lb. Direct labor 0.5 hours per unit @ $28 per hour Overhead $30 per direct labor hour Units manufactured 12,600 Total manufacturing costs $ 460,400 (1) Compute the standard cost per unit. (2) Compute the total budgeted cost for production in August. (3) Compute the total cost variance for August. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance)

1.

Compute the standard cost per unit.

Direct materials
Direct labor
Overhead
Total

2.

Compute the total budgeted cost for production in August.

Total budgeted cost

3.

Compute the total cost variance for August. Indicate whether the cost variance is favorable, unfavorable or no variance.

Cost variance