Required information [The following information applies to the questions displayed below A manufactured product has the following information for June Direct labor Overhead Units manufactured (7 lbs. $7 per 1b.) (3 hrs. $16 per hr.) (3 hrs. $13 per hr.) $330,500 58,700 1bs. $7.10 per 1b. 24,500 hrs. $16.50 per hr. 8,300 (1) Compute the standard cost per unit. Total (2) Compute the total cost variance for June. Indicate whether the cost variance is favorable or unfavorable