Required information 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. Standard Actual (6 lbs. $7 per lb.) (2 hrs. $16 per hr.) (2 hrs. $11 per hr. 49,700 lbs.@ $7.10 per 1b 16,000 hrs. @ $16.50 per hr. $186,200 8,200 Direct materials Direct labor Overhead Units manufactured Exercise 21-8 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