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 (5 lbs. (2 hrs. (2 hrs. Standard 58 per lb.) $17 per hr.) $13 per hr.) Actual 42,400 lbs. $8.20 per lb. 16,400 hrs. $17.50 per hr. $224,700 8,400 Exercise 23-8 Standard unit cost; total cost variance LO C2 (1) Compute the standard cost per unit. Direct materials Direct labor Overhead Total Helps Required information Total $ (2) Compute the total cost variance for June Indicate whether the cost variance is favorable or unfavorable Total cost variance