Direct materials (28 lbs. o $4 per lb.) Direct labor (8 hrs. $8 per hr.) Factory overhead-variable (8 hrs. $5 per hr.) Factory overhead-fixed (8 hrs. O $7 per hr.) $ 112.00 64.00 40.00 56.00 Total standard cost $ 272.00 The predetermined overhead rate is based on a planned operating volume of BOX of the productive capacity of 50,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 35,000 280,000 80% 40,000 320,000 90% 45,000 360,000 Production in units Standard direct labor hours Budgeted overhead Fored factory overhead Variable factory overhead $2,240,000 $ 1,400,000 $2,240,000 $1,600,000 $2,240,000 $1,800,000 During the current quarter, the company operated at 90% of capacity and produced 45.000 units of product actual direct labor totaled 357000 hours. Units produced were assigned the following standard costs: Direct materials (1.260,000 lbs. 54 per lb) Direct labor (360,000 hrs. $8 perhe) Factory overhead (360,000 hrs. $12 per hr) $ 5.040,000 2.880,000 4,320,000 Total standard cost $ 12.240.000 Actual costs incurred during the current quarter follow $ Direct materials (1.255.000 lbs. 5410 perib) Director 57000 5775 perhe) Fored factory overhead costs Variable factory overhead costs 5.145.500 2.700.750 15349 2774 Total actual costs $ 94,041,073 Required: 1. Compute the direct materials cost variance, including its price and quantity variances Actual Cost Standard Cost 9. value 2.40 points 2. Compute the direct labor variance, including its rate and efficiency variances Actual Cost Standard Cost 3. Compute the overhead controllable and volume variances Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance