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. @ $4.40 per Ib.) Direct labor (6 hrs. @ $14 per hr.) Factory overhead-Variable (6 hrs. @ $8 per hr.) Factory overhead-Fixed (6 hrs. @ $11 per hr.) Total standard cost $132.00 84.00 48.00 66.00 $330.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 50,000 units per quarter. The following flexible budget information is available. Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead Operating Levels 70% 35,000 210,000 80% 40,000 240,000 90% 45,000 270,000 $2,640,000 $2,640,000 $2,640,000 $1,680,000 $1,920,000 $2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units of product; actual direct labor totaled 266,000 hours. Units produced were assigned the following standard costs Direct materials (1,350,000 Ibs. @ $4.40 per Ib.) Direct labor (270,000 hrs. @$14 per hr.) Factory overhead (270,000 hrs. @$19 per hr.) Total standard cost Actual costs incurred during the current quarter follow. $ 5,940,000 3,780,000 5,130,000 $14,850,000 Direct materials (1,333,000 Ibs. @$6.20 per lb.) Direct labor (266,000 hrs. @ $12.50 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 8,264,600 3,325,000 2,443,000 2,287,000 $16,319,600 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost 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. Req 3 Req 1 Req 2 Controllable Req 4 Volume Variance Variance Help Save & Exit Submit Check my work Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no places.) Actual Cost $ 0 $ o < Prev 2 of 2 Next 0 Standard Cost