1. Compute the direct materials cost variance, including its price and quantity variances.(Round actual price to 2 decimal places.) During the current quarter, the company operated at 80% of capacity and produced 56,000 units of product; actual direct labor totaled 554,000 hours. Units produced were assigned the following standard costs: Actual costs incurred during the current quarter follow: Trico Company set the following standard unit costs for its single product. The predetermined overhead rate is based on a planned operating volume of 70% of the productive capacity of 70,000 units per quarter. The following flexible budget information is available