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. @ $5.00 per Ib.) Direct labor (7 hrs. @ $14 per hr.) Factory overhead-variable (7 hrs. @ $7 per hr.) Factory overhead-fixed (7 hrs. @ $9 per hr.) Total standard cost $ 150.00 98.00 49.00 63.00 $360.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 51,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% 35,700 40,800 45,900 249,900 285,600 321,300 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,570, 400 $2,570, 400 $2,570, 400 $1,749,300 $1,999,200 $2,249, 100 During the current quarter, the company operated at 90% of capacity and produced 45,900 units of product; actual direct labor totaled 317,300 hours. Units produced were assigned the following standard costs. Direct materials (1,377,000 Ibs. @ $5.00 per Ib.) per Direct labor (321,300 hrs. @ $14 per hr.) Factory overhead (321,300 hrs. @ $16 per hr.) Total standard cost $ 6,885,000 4,498,200 . 5,140,800 $ 16,524,000 Actual costs incurred during the current quarter follow. Direct materials (1,358,000 Ibs. @ $7.80 per lb.) Direct labor (317, 300 hrs. @ $11.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $10,592,400 3,490, 300 2,448,500 2,292,300 $ 18,823,500 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost 2. Compute the direct labor cost variance, including its rate and efficiency variances. Actual Cost Standard Cost 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance