IThe following information applies to the questions displayed below.J Trico Company set the following standard unit costs for its slngle product. Direct materlals (28 lbs. $4 per lb.) 112.00 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 272.00 The predetermined overhead rate ls based on a planned operating volume of 70% of the productlve capacity of 50,000 units per quarter. The following flexible budget Information avallable. Operating Levels 80% 60% 30,000 35,000 40,000 Production In units 280,000 320,000 Standard direct labor hours 240,000 Budgeted overhead Fixed factory overhead 1,960,000 1,960,000 1,960,000 1,200,000 1,400,000 1,600,000 Variable factory overhead During the current quarter, the company operated at 80% of capacity and produced 40,000 unlts of product. actual direct labor totaled 317000 hours. Unlts produced were assigned the following standard costs: DIrect materlals (1.120,000 lbs. $4 per lb.) 4,480,000 Direct labor (320,000 hrs. $8 per hr) 2,560,000 Factory overhead (320,000 hrs. $12 per hr) 3,840,000 Total standard cost 10,880,000 Actual costs incurred during the current quarter follow: 4.571.500 Direct labor (317000 hrs. $775 per hr) 2,456,750 2,811,132 Fixed factory overhead costs 2,631,698 Variable factory overhead costs Total actual costs 12,471,080