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. @ $4.00 per Ib.) Direct labor (7 hrs. @$14 per hr.) Factory overhead-Variable (7 hrs. @ $7 per hr.) Factory overhead-Fixed (7 hrs. @$11 per hr.) Total standard cost $120.00 98.00 49.00 77.00 $344.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 63,000 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% 44,100 308,700 80% 90% 50,400 352,800 56,700 396,900 $3,880,800 $3,880,800 $3,880,800 $2,160,900 $2,469,600 $2,778,300 During the current quarter, the company operated at 90% of capacity and produced 56,700 units of product; actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. Direct materials (1,701,000 Ibs. @$4.00 per Ib.). Direct labor (396,900 hrs. @ $14 per hr.) Factory overhead (396,900 hrs. @ $18 per hr.) Total standard cost $ 6,804,000 5,556,600 7,144,200 $19,504,800 Required information Actual costs incurred during the current quarter follow. Direct materials (1,686,000 Ibs. @ $5.10 per lb.) Direct labor (393,900 hrs. @$12.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 8,598,600 4,726,800 3,380,000 3,164,200 $19,869,600 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 2 Reg 3 Controllable Variance Req 4 Volume 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 "C places.) Actual quantity 303,900 6 Actual Cost Actual price 8.03 $3.163,017 Variable overhead spending variance Venable overhead efficiency vanance Total vanable overhead cost variance $405,717 Standard Cost Actual quantity x 303.900 X $ Standard price 7.000 Standard quantity Standard price 396,900 O 7.00 ( 2.757.300 2.778.300 03 405,717 21,000 385,000 Unfavorable Favorable Unfavorable 000 $21,000 Req2 Req 2 Req 3 Controllable 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 "Ram places.) Req1 Variance Actual Cost Actual hours 303.000 O A Actual rate 1 0.584 3.379.802 Direct materiais price variance Direct materias quantity variance Total direct materials variance Actual hours O x Standard rate 352 800 11.00 3.800.800 $501,138 000 01 501,136 Favorable 485.100 Favorable d 985,900- Favorable 000 15 405,100 Standard Cost Standard hours Standard rate 390,000 x 11.00 O $4,365,900 Req 3 Controllable Varianes 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 4 Volume Variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Controllable Variance Actual overhead $ 500,800 Budgeted overhead $ 485,100 Controllable variance $ 985,900 Favorable 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 volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Fixed overhead volume variance Budgeted fixed overhead $ 406,900 Fixed overhead cost applied 21,000 Fixed overhead volume $ 500,800 Favorable variance