Required information 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. e $4.40 per Ib.) Direct labor (6 hrs. $14 per hr) Factory overhead-variable (6 hrs. $9 per hr.) Factory overhead-fixed (6 hrs. $12 per hr.) Total standard cost $132.00 84.00 54.00 72.00 $342.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 55,000 units per quarter. The following flexible budget information is available perating Levels 80% 44,000 264,000 90% Production in units Standard direct labor hours Budgeted overhead 70% 38,500 231,000 49,500 297,000 Fixed factory overhead Variable factory overhead $3,168,000 $ 3,168,000 $3,168,000 $2,079,000 $ 2,376, 000 $2,673,000 During the current quarter, the company operated at 90% of capacity and produced 49,500 units of product, actual direct labor totaled 292,000 hours. Units produced were assigned the following standard costs Direct materials (1,485,000 Ibs. $4.40 per Ib.) Direct labor (297,000 hrs. $14 per hr.) Factory overhead (297,000 hrs. $21 per hr.) Total standard cost 6,534,000 4,158,000 6,237,000 $16,929,000 Actual costs incurred during the current quarter follow. Direct materials 1,474,000 Ibs. $7.40 per 1b. $10,907,600 Direct labor (292,000 hrs. $12.50 per hr) Fixed factory overhead costs Variable factory overhead costs Total actual costs 3,650,000 3,014,700 2,822,300 $20,394,600 Required 1. Compute the direct materials cost variance, including its price and quantity variances Actual Cost Standard Cost 0 2. Compute the direct labor cost variance, including its rate and efficiency variances. Actual Cost Standard Cost 0 0 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance