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. $4.88 per Ib.) Direct labor (6 hrs. $14 per hr-) 5 144.6 84.89 42.80 72.09 $342.e0 overhead-variable (6 hrs. $7 per hr.) Factory overhead-fixed (6 hrs. $12 per hr.) Total standard cost The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 66,000 units per quarter. The following flexible budget information is available. 70% Production in units Standard direct labor hours Budgeted overhead 80% 52,880 316,800 90% 59,489 356,400 46,288 277,280 Fixed factor overhead Variable factory overhead $3,881,60e $3,801,600 $3,s81,6 $1,948,400 $2,217,680 $2,494,880 During the current quarter, the company operated at 90% of capacity and produced 59,400 units of product, actual direct labor totaled 303,800 hours. Units produced were assigned the following standard costs Direct materials (1,782,089 Ibs. $4.88 per Ib.) 8,553,60e Direct labor (356,480 hrs. $14 per hr-) Factory overhead (356,400 hrs. $19 per hr-) Total standard cost 4,989,600 6,771,680 $20,314,800 Actual costs incurred during the current quarter follow Direct materials (1,522,800 Ibs. $7.30 per 1b.) Direct labor (303,800 hrs. $13.10 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $11,110,60 3,979,780 2,336,90e 2,637,700 $20,064,980 Required: 1. Compute the direct materials cost variance, including its price and quantity variances AQ Actual Quantity SQ-Standard Quantity AP# Actual Price SP Standard Price ctual Cost Standard Cost 2 Compute the direct labor cost variance, including its rate and efficiency variances. AH Actual Hours SH Standard Hours AR -Actual Rate SR Standard Rate Actual Cost Required information 3. Compute the overhead controllable and volume vartiances. Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance