7. Company Lambda produces widgets. Each widget requires material at $10 and takes 30 minutes of labor hours at $15 per hour. Overhead is assigned at the rate of $30 per direct labor hour. What is the standard cost for Direct Materials, Direct Labor, Overhead and in total? DM Standard Cost DL Standard Cost o/ Standard Cost Total Standard Cost 8. For 7 above, if the actual cost to produce the widget was $35.00, compute the cost variance and identify whether it is favorable or unfavorable. Cost Variance Favorable or Unfavorable