Exercise 21-7 Standard unit cost; cost variances LO P2 Actual A manufactured product has the following information for August Standard Direct materials 2 lbs. per unit $3.50 per 1b. Direct labor 0.5 hours per unit $24 per hour Overhead $24 per direct labor hour Units manufactured Total manufacturing costs Book 12,400 $380,400 erences (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) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the standard cost per unit. Direct materials Direct labor Overhead Total Required 2 > aw Exercise 21-7 Standard unit cost; cost variances LO P2 A manufactured product has the following information for August Actual Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard 3 lbs. per unit e $3.50 per 1b. 0.5 hours per unit @ $24 per hour $24 per direct labor hour 12,400 $380,400 (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) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the total budgeted cost for production in August. Total budgeted cost Exercise 21-7 Standard unit cost; cost variances LO P2 A manufactured product has the following information for August Actual Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard 2 lbs. per unit @ $3.50 per 1b. 0.5 hours per unit @ $24 per hour $24 per direct labor hour 12,400 $380,400 - (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) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the total cost variance for August. Indicate whether the cost variance is favorable, unfavorable or no variance Cost variance