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. @ $4.80 per Ib.) Direct labor (6 hrs. @ $14 per hr.) Factory overhead-Variable (6 hrs. @ $7 per hr.) Factory overhead-Fixed (6 hrs. @ $12 per hr.) Total standard cost $144.00 84.00 42.00 72.00 $342.00 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. Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead Operating Levels 70% 46,200 277,200 80% 52,800 316,800 90% 59,400 356,400 $3,801,600 $3,801,600 $3,801,600 $1,940,400 $2,217,600 $2,494,800 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 (1,782,000 Ibs. @ $4.80 per Ib.) Direct labor (356,400 hrs. @ $14 per hr.) Factory overhead (356,400 hrs. @ $19 per hr.) Total standard cost $ 8,553,600 4,989,600 6,771,600 $20,314,800 Actual costs incurred during the current quarter follow. Direct materials (1,522,000 Ibs. @ $7.30 per lb.) Direct labor (303,800 hrs. @ $13.10 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $11,110,600 3,979,780 2,336,900 2,637,700 $20,064,980 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 1 Req 2 Req 3 Controllable Req 4 Volume Variance Variance 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 variance. Round "Cost places.) Actual Cost < Req 1 Req 2 > Standard Cost Req 1 Req 2 Req 3 Controllable Variance Req 4 Volume Variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rat decimal places.) Actual Cost Req 1 Req 3 Controllable Variance > Standard Cost Req 1 Req 2 Req 3 Controllable Variance Req 4 Volume Variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Actual overhead Controllable Variance Budgeted overhead Controllable variance < Req 2 Req 4 Volume Variance > Req 1 Req 2 Req 3 Controllable Variance Req 4 Volume Variance Compute the volume variances. (Indicate the effect of each va Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance < Req 3 Controllable Variance (a) Compute the variable overhead spending and efficiency variances. (b) Compute the fixed overhead spending and volume variances. (c) Compute the total overhead controllable variance. Required A Required B Required C Compute the variable overhead spending and efficiency variances. (Round "cost per unit" and "rate per hour" answers to 2 decimal places.) Actual Variable OH Cost Flexible Budget < Required A Required B > Standard Cost (VOH applied) Required A Required B Required C Compute the fixed overhead spending and volume variances. (Round "cost per unit" and "rate per hour" answers to 2 decimal places.) Actual Fixed OH Cost Budgeted Overhead < Required A Required C > Standard Cost (FOH applied) Required A Required B Required C Compute the total overhead controllable variance. Overhead Controllable Variance Total overhead controllable variance < Required B Required C >