Required information The following information applies to the questions displayed below.) Trico Company set the following standard unit costs for its single product. $ 120.ee 78.ee Direct materials (30 lbs. $4 per Ib.) Direct labor (5 hrs. @ $14 per hr.) Factory overhead variable (5 hrs. @ $per hr.) Factory overhead-fixed (5 hrs. $10 per hr.) Total standard cost 50.00 $ 280.03 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% 42,000 48,000 210,000 240,003 90% 54,000 278,089 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,489,000 $2,400,000 $2,400,000 $1,680,eee 51,920, eee $2,164,000 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. 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 naterials (1,620,000 lbs. $4 per Ib.) Direct labor (270,000 hrs. $14 per hr.) Factory overhead (270,000 hrs. $15 per hr.) Total standard cost $ 6,480,000 3,790,000 4,860,000 $15, 120,000 Actual costs incurred during the current quarter follow Direct materials (1,615,608 lbs $4.10 per lb.) Direct labor (265,990 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: 1. Compute the direct materials cost variance, including its price and quantity variances. Standard Cost Actual Cost Actual quantity 11,615,000 Prev 1 2 of 3 FIE Next > Required: 1. Compute the direct materials cost varlance. Including its price and quantity variances. Actual Cost Standard Cost Actual quantity 1.615,000 $ 0 $ 0 $ 0 $ 0 2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual Cost S 0 S 0 $ 0 0