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 lbs. @ 55.18 per Ib.) $153.00 Direct labor (8 hrs. $14 per hr.) 112.00 Factory overhead-Variable (8 hrs. $6 per hr.) 48.00 Factory overhead-Fixed (8 hrs. @ $12 per hr.) 96.00 Total standard cost $499.00 809 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 Operating Levels 701 909 Production in units 46,200 52,800 59,400 Standard direct labor hours 369,600 422,400 475,200 Budgeted overhead Fixed factory overhead $5,068,800 $5,068,800 $5,068,808 Variable factory $2,217,600 $2,534,400 $2,851,200 overhead During the current quarter, the company operated at 90% of capacity and produced 59.400 units of product actual direct labor totaled 369,400 hours. Units produced were assigned the following standard costs. Direct materials (1,782,800 lbs. @ $5.10 per Ib.) Direct labor (475,200 hrs. $24 per hr.) Factory overhead (475,200 ms. $18 per hr.) Total standard cost $ 9,088,200 6,652,800 8,553,600 $24,294,600 Actual costs incurred during the current quarter follow. Direct materials (1,387,080 Ibs. @ $6.70 per lb.) $ 9,292,980 Direct labor (369,400 hrs. $11.68 per hr.) 4,285,840 Fixed factory overhead costs 3,196,500 Variable factory overhead costs 3,466,700 Total actual costs $20, 241, 140 Required: 1. Compute the direct materials cout variance, including its price and quantity variances 2. Compute the direct labor cost variance, including its rate and efficiency variances 3. Compute the overbeed controllable and volume variances Complete this question by entering your answers in the tabs below. Req 1 Reg 3 Reg 4 Reg 2 Controll Volume 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 per unit answers to 2 decimal places) Show less Actual Cost Standard Cost $ o $ 0 $ Reg 2 > Required: 1. Compute the direct materials cost variance, including its price and quantity variances 2. Compute the direct labor cout variance, including its rate and efficiency variances 2. Compute the overhead controllable and volume variances Complete this question by entering your answers in the tabs below. Reg 2 Reg 3 Reg1 Reg 4 Controll. Volume 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 "Rate per hour answers to 2 decimal places.) Actual Cost Standard Cost 0 0 3 0 0 > 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. Reg 3 Req 1 Reg 2 Reg 4 Controll... Volume Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllable Variance Actual overhead Budgeted overhead Controllable variance 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. Reg 3 Req 1 Reg 2 Req 4 Controll... Volume 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 Fixed overhead cost applied Fixed overhead volume variance
