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Required Informetlon Use the following information for the Problems below The following Information applies to the questions displayed below Trico Company set the following standard unit costs for Its single product Direct materials (30 Ibs. $4.88 per Ib.) Direct labor (7 hrs. $14 per hr.) Factory overhead-variable (7 hrs. $7 per hr.) Factory overhead-fixed (7 hrs. $11 per hr.) Total standard cost 128.ee 98.80 49.80 77.80 344.8 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 63,000 units per quarter. The following flexible budget Information is avalable. 78% 44,188 388,780 erating Levels 80% 5e,48e 352,880 9e% Production in units Standard direct labor hours Budgeted overhead 56,780 396,980 Fixed factory overhead Variable factory overhead $3,888,880 $3,888,889 $3,888,880 $2,168,900 $2,469,68 $2,778, 38e During the current quarter, the company operated at 90% of capacity and produced 56,700 units of product, actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. Direct materials (1,7e1,88e Ibs. $4.80 per Ib.) Direct labor (396,988 hrs. $14 per hr.) Factory overhead (396,988 hrs. $18 per hr.) Total standard cost 6,884,88 5,556, 680 7,144, 28 $19,584,886 Actual costs Incurred during the current quarter follow Direct materials (1,686,880 Ibs. $5.1e per lb.) Direct labor (393,980 hrs. $12.80 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 8,598,68 4,726,888 3,388,8ee 3,164, 280 $19,869,68 Problem 21-4A Computation of materials, labor, and overhead variances LO P2, P3 Requirec 1. Compute the direct materials cost varlance, Including Its price and quantity variances. AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Answer is not complete Actual Cost Stan AQ AP AC SP sa 1,688.000x 1.688.000 ,701.000 5.10 6.744,000.00 8,598,600 11,370,384,000,000 11,573,604 11,370,375,401.400 203.220,000.000 Direct materials price variance 11,370,375.401.400 203,220.000.000 Direct mateials quantity varance Total direct materials variance Unfavorable 2. Compute the direct labor cost variance, Including its rate and efficiency variances. AHActual Hours SH Standard Hours AR Actual Rate SR Standard Rate Answer is not complete. Actual Cost AH AR AH SR SH 393.900 393.900 3,969,000 4.726,800.00 5.514,600.00 1.861.888.520.000 2.172,200,940.000 310,314.420.000 19.831.944.480.000 s 310.314.420.000 19.881,944.480.000 Direct labor rate variance Direct labor efficiency variance Total direct labor variance 3. Compute the overhead controllable and volume variances. Answer is complete but not entirely correct. Controllable Variance 3,880,800 Budgeted overhead 3,380,000 Actual overhead Controllable S 500,800 Favorable Answer is complete but not entirely correct. Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied 4,365,900 3,880,800 Fixed overhead volume s 485,100Favorable