! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $8 per lb.) 60,100 lbs. $8.10 per lb. Direct labor 12 hrs. $16 per hr.) 16,700 hrs. $16.50 per hr. Overhead (2 hrs. @ $13 per hr.) $227,500 Units manufactured 8,500 Exercise 23-8 Standard unit cost; total cost variance LO C2 (1) Compute the standard cost per unit Direct materials Direct labor Overhead Total (2) Compute the total cost variance for June Indicate whether the cost variance is favorable or unfavorable. Total cost variance Exercise 23-9 Direct materials variances LO P2 AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance, Indicate whether each varlance is favorable or unfavorable Actual Cout Standard Cost Exercise 23-10 Direct labor variances LO P2 AH - Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable Standard Cool Actus Cost