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 Standard Actual (7 lbs. @ $9 per lbs. @ $9.10 lb.) 52,300 per lb. (3 hrs. @ $15 hrs. @ $15.50 per hr.) 21,800 per hr. (3 hrs. @ $11 per hr.) $249,500 7,400 Overhead Units manufactured Exercise 23-8 Standard unit cost; total cost variance LO C2 (1) Compute the standard cost per unit. $ 63 Direct materials Direct labor Overhead Total 45 33 141 $ (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 variance is favorable or unfavorable. Actual Cost 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. Actual Cost Standard Cost