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A company reports the following for one of its products. Direct materials standard (2 pounds e $4 per pound) Actual units produced Actual cost of direct materials used $8perunit 120,000 units \$. 994,000 Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance b selecting favorable, unfavorable, or no variance.) Required information [The following information applies to the questions displayed below] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its . standard amount per allocation base is 0.5DLH per unit. The company reports the following for this period. 1. Compute the standard overhead rate. Hint Standard allocation base at 80% capacity is 27,250DLH, computed as 54,500 units 0.5 LH per unit. 2. Compute the standard overhead applied. Compute the total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)