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 @$5.10 per pound) Direct labor (4 hours @ $15 per hour) Variable overhead (4 hours @ $6 per hour) Fixed overhead (4 hours @ $11 per hour) $ 153.00 60.00 24.00 44.00 $ 281.00 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 68,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (4 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 47,600 190,400 80% 90% 54,400 217,600 61,200 244,800 $ 2,393,600 $ 2,393,600 $ 2,393,600 $ 1,142,400 $ 1,305,600 $ 1,468,800 During the current quarter, the company operated at 90% of capacity and produced 61,200 units; actual direct labor totaled 239,800 hours. Units produced were assigned the following standard costs. Direct materials (1,836,000 pounds @ $5.10 per pound) Direct labor (244,800 hours @ $15 per hour) Overhead (244,800 hours @ $17 per hour) Standard (budgeted) cost Actual costs incurred during the current quarter follow. Direct materials (1,826,000 pounds @ $6.70 per pound) Direct labor (239,800 hours @ $12.00 per hour) Fixed overhead Variable overhead Actual cost $ 9,363,600 3,672,000 4,161,600 $ 17,197,200 $ 12,234,200 2,877,600 1,942,800 1,818,800 $ 18,873,400 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. Answer is complete but not entirely correct. 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 overhead volume variances. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Volume variance Budgeted total overhead $ 2,393,600 Standard overhead applied $ 2,637,800 x Volume variance $ 244,200 Favorable