BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $22 per pound and 0.40 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour. Assume the actual cost to manufacture 140 bats is $12,040.00. 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 Budgeted standard cost Total cost variance