Help me answer question 2 1. Build Inc. produces widgets. Each widget requires material at $20 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 $20 DL Standard Cost $7.50 O/H Standard Cost $15 Total Standard Cost $42.50 2. For #1 above, if the actual cost to produce the widget was $45.00, compute the cost variance and identify whether it is favorable or unfavorable. Cost Variance __________ Favorable or Unfavorable __________