[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. $4.80 per Ib.) Direct labor (6 hes. $14 per hr.) Pactory overhead-Variable (6 hrs. $7 per hr.) Factory overhead-Fixed (6 hrs. $9 per hr.) Total standard cost $144.00 84.00 42.00 54.00 $324.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 57,000 units per quarter. The following flexible budget information is available. Operating Level 70% 801 39,900 45,600 239,400 273,600 900 51,300 307,800 encos Production in units Standard direct labor hours Budgeted overhead Pixed factory overhead Variable factory overhead $2,462,400 $2,462,400 $2,462,400 $1,675,800 $1,915,200 $2,154,600 During the current quarter, the company operated at 90% of capacity and produced 51,300 units of product, actual direct labor totaled 304.800 hours. Units produced were assigned the following standard costs. Direct material (1,539,000 Ibu $4.80 per Ib.) Direct labor (307, 300 hrs 514 per hr.) Tactory overhead (307,800 hrs. $16 per hr.) Total standard cost $ 7,387,200 4.309,200 4,924,800 $16,621,200 Actual costs incurred during the current quarter follow. Direct materials (1,519,000 lbs. e $7.30 per 1b.) Direct labor (304,800 hrs. e $13.00 per hr.) Pixed factory overhead costs Variable factory overhead conta Total actual costa $11,088,700 3,962,400 2,337,000 2,182,800 $19,575,900 91 Reg 3 Red 4 Volume R2 Controllable Variance Variance ute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no varian al places) Standard Cont Actual Cost $ 0 Rent plete this question by entering your answers in the tabs below. 3 01 Reg 2 Red 4 Volone Controllable Varance Vence cute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variante places) Standard Cost Actual Ce $ o Required information 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 1 Reg 2 Variance Reg 3 Controllable Reg 4 Volume Variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) ces Controllable Variance Actual overhead Budgeted overhead Controllable variance ( Req2 Req 4 Volume Variance > Required Information 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 4 Volume Reg 1 Req 2 Controllable Variance 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 R4 Volum Valance
