Required information Use the following information for the Problems below. [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. @ $5.10 per Ib.) $ 153.00 Direct labor (6 hrs. @ $15 per hr.) 90.00 Factory overheadvariable (6 hrs. @ $7 per hr.) 42.00 Factory overheadfixed (6 hrs. @ $11 per hr.) 66.00 Total standard cost $ 351.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 56,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% Production in units 39,200 44,800 50,400 Standard direct labor hours 235,200 268,800 302,400 Budgeted overhead Fixed factory overhead $ 2,956,800 $ 2,956,800 $ 2,956,800 Variable factory overhead $ 1,646,400 $ 1,881,600 $ 2,116,800 During the current quarter, the company operated at 90% of capacity and produced 50,400 units of product; actual direct labor totaled 299,400 hours. Units produced were assigned the following standard costs. Direct materials (1,512,000 Ibs. @ $5.10 per Ib.) $ 7,711,200 Direct labor (302,400 hrs. @ $15 per hr.) 4,536,000 Factory overhead (302,400 hrs. @ $18 per hr.) 5,443,200 Total standard cost $ 17,690,400 Actual costs incurred during the current quarter follow. Direct materials (1,499,000 Ibs. @ $6.30 per lb.) $ 9,443,700 Direct labor (299,400 hrs. @ $12.50 per hr.) 3,742,500 Fixed factory overhead costs 2,604,700 Variable factory overhead costs 2,438,500 Total actual costs $ 18,229,400 Problem 21-4A Computation of materials, labor, and overhead variances LO P2, P3 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 2. Compute the direct labor cost variance, including its rate and efficiency variances. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate 3. Compute the overhead controllable and volume variances.