Required information [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.00 per pound) Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $11 per hour) $ 120.00 98.00 49.00 77.00 $ 344.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 63,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (7 DLH/unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead 70% 44,100 308,700 Operating Levels 80% 90% 50,400 352,800 56,700 396,900 $ 3,880,800 $ 2,160,900 $ 3,880,800 $ 3,880,800 $ 2,469,600 $ 2,778,300 During the current quarter, the company operated at 90% of capacity and produced 56,700 units; actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. Direct materials (1,701,000 pounds @ $4.00 per pound) Direct labor (396,900 hours @ $14 per hour) Overhead (396,900 hours @ $18 per hour) Standard (budgeted) cost Actual costs incurred during the current quarter follow. Direct materials (1,686,000 pounds @ $5.10 per pound) Direct labor (393,900 hours @ $12.00 per hour) Fixed overhead Variable overhead Actual cost $ 6,804,000 5,556,600 7,144,200 $ 19,504,800 $ 8,598,600 4,726,800 3,380,000 3,164,200 $ 19,869,600 Required: 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Variance Req 3 Volume Variance Compute the direct materials variance, including its price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost < Req 1 Req 2 > Standard Cost Req 3 Req 1 Req 2 Req 3 Volume Variance Controllable Variance Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost < Req 1 Req 3 Controllable Variance > Standard Cost Req 1 Req 2 Req 3 Controllable Variance Req 3 Volume Variance Compute the overhead controllable variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Controllable Variance Actual total overhead Budgeted total overhead Controllable variance < Req 2 Req 3 Volume Variance Req 1 Req 2 Req 3 Controllable Variance Req 3 Volume Variance Compute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Budgeted total overhead Volume variance Standard overhead applied Volume variance < Req 3 Controllable Variance Req 3 Volume Variance >