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 labor Overhead Units manufactured Standard (5 lbs. @ $8 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $13 per hr.) Actual 36,000 lbs. @ $8.20 per lb. 21,000 hrs. $16.50 per hr. $283,000 7,100 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 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 (5 lbs. @ $8 per lb.) (3 hrs. $16 per hr.) (3 hrs. $13 per hr.) Actual 36,000 lbs. $8.20 per lb. 21,000 hrs. $16.50 per hr. $283,000 7,100 Exercise 23-9 Direct materials variances LO P2 AQ - Actual Quantity SO 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