IThe following information applies to the questions displayed below.J Trico Company set the following standard unit costs for its slngle product. Direct materlals (26 lbs. $4 per lb.) 104.00 Direct labor (8 hrs. $8 per hr.) 64.00 Factory overhead-varlable (8 hrs. $5 per hr) 40.00 Factory overhead-fixed (8 hrs. $7 per hr.) 56.00 Total standard cost 264.00 The predetermined overhead rate ls based on a planned operatIng volume of 80% of the productive capacity of 50,000 units per quarter. The following flexible budget Information avallable. Operating Levels 80% 90% 35,000 45,000 Production In units 40,000 280,000 320,000 360,000 Standard direct labor hours Budgeted overhead Fixed factory overhead 2,240,000 $2.240,000 $2,240,000 1,400,000 1,600,000 1,800,000 Variable factory overhead During the current quarter, the company operated at 90% of capacity and produced 45,000 units of product, actual direct labor totaled 356,000 hours. Unlts produced were assigned the following standard costs: Direct materlals (1.170,000 lbs. @$4 per lb.) 4,680,000 Direct labor (360,000 hrs. $8 per hr) 2,880,000 Factory overhead (360,000 hrs. $12 per hr) 4,320,000 11,880,000 Total standard cost Actual costs incurred during the current quarter follow: 4,776,500 b) Direct labor (356,000 hrs. $775 per hr.) 2,759,000 Fixed factory overhead costs 3,156,981 Variable factory overhead costs 2,955,472 Total actual costs 13,647,953