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6 pts Question 18 Short-answer problem (Please show all your calculations): Trico Company set the following standard unit costs for its single product. Direct materials (30 lbs. @ $4 per lb.) Direct labor (5 hrs. @ $14 per hr.) Factory overhead-Variable (5 hrs. @ $8 per hr.) Factory overhead-Fixed (5 hrs. @ $10 per hr.) Total standard cost $120.00 70.00 40.00 50.00 $280.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% Production in units 42.000 48.000 54,000 Standard direct labor hours 210,000 240,000 270,000 Budgeted overhead Fixed factory overhead $2.400.000$2.400,000$2,400,000 Variable factory overhead $1,680,000$ 1.920,000$ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units of product; actual direct labor totaled 265,000 hours. Units produced were assigned the following standard costs. Direct materials (1.620,000 lbs. $4 per ib.) Direct labor (270,000 hrs. $14 per hr.) $ 6,480.000 3,780,000 Canvas X CO Variable factory overhead $1,680,000$1.920,000$2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units of product; actual direct labor totaled 265,000 hours. Units produced were assigned the following standard costs. Direct materials (1,620,000 lbs. @ $4 per lb.) Direct labor (270,000 hrs. @ $14 per hr.) Factory overhead (270,000 hrs.@$18 per hr.) Total standard cost $6,480,000 3,780,000 4,860,000 $ 15,120,000 Actual costs incurred during the current quarter follow. Direct materials (1.615,000 lbs.@ $4.10 per Ib.) Direct labor (265,000 hrs. @ $13.75 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 6,621,500 3,643,750 2,350,000 2,200,000 $14,815,250 Required: Compute the direct labor cost variance, including its rate and efficiency variances BIVA-A- IE *.* X, EE - 2 AT 112p Paragraph