! 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. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. @ $12 per hr.) Actual 48,500 lbs. $8.10 per lb. 15,700 hrs. $16.50 per hr. $198,000 8,000 Exercise 21-8 Standard unit cost; total cost variance LO C2 (1) Compute the standard cost per unit Direct materials Direct labor Overhead Total $ 0 (2) Compute the total cost variance for June, Indicate whether the cost variance is favorable or unfavorable. Exercise 21-8 Standard unit cost; total cost variance LO C2 (1) Compute the standard cost per unit. Direct materials Direct labor Overhead Total $ 0 (2) Compute the total cost variance for June. Indicate whether the cost variance is favorable or unfavorable. Total cost variance