Required Information Use the following Information for the Problems below. (Static) [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 @ $4 per pound) Direct labor (5 hours @ $14 per hour) Variable overhead (5 hours @$8 per hour) Fixed overhead (5 hours @ $10 per hour) $ 120.00 70.00 40.00 50.00 $ 280.00 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 60,000 units per quarter. The following additional Information is available. Production (in units) Standard direct labor hours (5 DLH/unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead 70% 42,000 units 210,000 hours. $ 2,400,000 $ 1,680,000 Operating Levels 80% 48,000 units 240,000 $ 2,400,000 $ 1,920,000 hours. 90% 54,000 units 270,000 hours. $ 2,400,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units; actual direct labor totaled 265,000 hours. Units produced were assigned the following standard costs. Direct materials (1,620,000 pounds @ $4 per pound) Direct labor (270,000 hours @ $14 per hour) Overhead (270,000 hours @ $18 per hour) Standard (budgeted) cost Actual costs incurred during the current quarter follow. Direct materials (1,615,000 pounds @ $4.10 per pound) Direct labor (265,000 hours @ $13.75 per hour) Fixed overhead Variable overhead Actual cost $ 6,480,000 3,780,000 4,860,000 $ 15,120,000 $ 6,621,500 3,643,750 2,350,000 2,200,000 $ 14,815,250 Problem 21-4A (Static) Computing materials, labor, and overhead varlances LO P3, P4 Required: 1. Compute the direct materials varlance, Including Its price and quantity variances. 2 Compute the direct labor variance, including its rate and efficiency varlances. B. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Req 3 Volume Variance Variance Compute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Budgeted total overhead Volume variance $ 4,580,000 Standard overhead applied Volume variance $ 300,000 Favorable Required: (a) Compute the variable overhead spending and efficiency variances. (b) Compute the fixed overhead spending and volume variances. (c) Compute the overhead controllable variance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "cost per unit" and "rate per hour" answers to 2 decimal places.) Flexible Budget Actual Variable OH Cost Standard Cost (VOH applied) 0 $ 0 0