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PROBLEM SET A Trico Company set the following standard unit costs for its single product. Problem 21-1A 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 Computation of materials, labor, and overhead variances P2 P3 mhhe.com/wildFINMAN5e The predetermined overhead rate is based on a planned operating volume of 80% of the productive capac- ity of 60,000 units per quarter. The following flexible budget information is available. Levels 70% 80% 90% Production in units Standard direct labor hours Budgeted overhead 42,000 210,000 48,000 240,000 54,000 270,000 Fixed factory overhead Variable factory overhead $2,400,000 $2,400,000 $2,400,000 $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: $ 6,480,000 3,780,000 4,860,000 $15,120,000 Direct materials (1,620,000 lbs. $4 per lb.).... $18 per hr.)... Factory overhead (270,000 hrs. Total standard cost Actual costs incurred during the current quarter follow Fixed factory overhead costs Variable factory overhead costs Total actual costs . 2,350,000 . $14,815,250 Required 1. Compute the direct material Check (1) Materials variances: Price, $161,500 U; Quantity, $20,000 F s cost variance, including its price and quantity variances. 2) Labor variances: Rate,2. Compute the direct labor variance, including its rate and efficiency variances. $66,250 F: Efficiency, $70,000 F 3. Compute the overhead controllable and volume variances