CH 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 lbs. 2 $5.18 per Ib.) Direct labor (8 hrs. $14 per hr.) Factory overhead-Variable (8 hrs. 56 per hr.) Factory overhead-Fixed (8 hrs. $12 per hr.) Total standard cost $ 153.80 112.00 48.00 96.00 $ 409.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 66,000 units per quarter. The following flexible budget information is available. Operating Levels 70% BOX 90% Production in units 46,200 52,800 59,400 Standard direct labor hours 369,600 422.400 475,200 Budgeted overhead Fixed factory overhead $5,068,300 $5,068,300 $5,068,800 Variable factory overhead 52,217,600 $2,534,400 $2,851,200 During the current quarter, the company operated at 90% of capacity and produced 59.400 units of product; actual direct labor totaled 369,400 hours. Units produced were assigned the following standard costs Direct materials (1,782,000 15.255.18 per Ib.) Direct labor (475,200 hrs. $14 per hr) Factory overhead (475,200 hrs. $18 per he.). Total standard cost $ 9,088,200 6,652,800 8,553,6ee $24,294,600 Actual costs incurred during the current quarter follow. Direct materials (1,387,000 lbs. 2 56.70 per 10.) Direct labor (369,480 hrs. . $11.60 per he.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 9,292,900 4,285,040 3,195,500 3,466,700 $20,241,140 . Required: 1. Compute the direct materials cost variance, including its price and quantity variances 2. Compute the direct labor cost variance, including its rate and efficiency variances 3. Compute the overhead controllable and volume variances Complete this question by entering your answers in the tabs below. Reg 3 Req: Reg 2 Controllable Req - Volume Variance Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for fave places.) Actual Cost $ S . Reg 3 Controllable Variance Reg 4 Volume Variance cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no varia Standard Cost S 0 $ 0 $ 0 0 Req2 > Check my work Reg 1 Reg 2 Controllable Variance Variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorabl decimal places.) Actual Cost $ 0 S 0 $ 0 nd efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour answ Standard Cost 0 $ 5 0 0 Reg: Reg 2 Reg 3 Controllable Variance Req 4 Volume Variance Compute the volume variances, (Indicate the effect of each variance by selecting for favorable, unfavorable and no variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance Req 3 Controllable Variance Volation
