Exercise 21-7 Standard unit cost; cost variances LO P2

A manufactured product has the following information for August.

	Standard		Actual
Direct materials	2 lbs. per unit @ $6.00 per lb.
Direct labor	0.5 hours per unit @ $44 per hour
Overhead	$54 per direct labor hour
Units manufactured				13,400
Total manufacturing costs			$	808,400

(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)