0 Required information The following information applies to the questions displayed below) Trico Company set the following standard unit costs for its single product Direct materials (30 Ibs. $4.90 per Ib.) Direct labor (4 hrs. $16 per hr.) Factory Factory $ 147.00 64.00 24.00 40.00 275,00 fixed (4 hrs. $1e per hr.) Total standard cost The predetermined over units per quarter. The following flexible budget information is available head rate is based on a planned operating volume of 80% of the productive capacity of 67000 ction in units 46,900 53,600 Standard direct labor hours Budgeted overhead 187,600 214,40241,200 Fixed factory overhead $2,144,00e $2,144,e00 $2,144,000 $1,125,600 $1,286,400 $1,447,200 During the current quarter, the company operated at 90% of capacity and produced 60,300 units of product, actual direct labor totaled 184,800 hours. Units produced were assigned the following standard costs. Direct materials (1,809,688 Ibs. $4.98 per Ib.) Direct labor (241,200 hrs. $16 per hr.) Factory overhead (241, 280 hrs. $16 per hr.) Total standard cost 8,864,10e 3,859,288 3,859,2ee Actual costs incurred during the current quarter follow Direct materials (1,413,000 lbs. @ $7.70 per b.) Direct labor (184,800 hrs. e $11.10 per hr.) Fixed factory overhead costs Variable factory overhead costs $10,888,100 2,051,280 1,318,480 1,732,6ee Actual costs incurred during the current quarter follow Direct labor (184,800 hrs. 0 $11.10 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs 2,051,280 1,318,400 1,732,600 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AQ AP AQ SP SQ SP 2 Compute the directlabor cost variance,Including its rate and efficiency varlances AH Actual Hours SH Standard Hours AR Actual Rate SR- Standard Rate AH AH SR SH SR 3. Compute the overhead controllable and volume variances Controllable Variance Budgeted overhead 3. Compute the overhead controllable and volume variances. overhead Fixed