Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $16 per pound and 0.20 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour: QS 21-6 (Algo) Total Cost variances LO P2 Assume the actual cost to manufacture 130 bats is $4,940.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)