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 lbs. $4 per Ib.) Direct labor (5 hrs. # $14 per hr.) Factory overhead-variable (5 hrs. O $8 per hr.) Factory overhead-fixed (5 hrs. e $10 per hr.) Total standard cost $120.00 70.00 40.00 50.00 $280.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 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 700 808 900 42,000 48,000 54,000 210,000 240,000 270,000 $2,400,000 $2,400,000 $2,400,000 $1,680,000 $1,920,000 $2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units of product; actual direct labor totaled 265,000 hours. Units produced were assigned the following standard costs. Direct materials (1,620,000 iba. # $4 per Ib.) Direct labor (270,000 hrs. $14 per hr.) Factory overhead (270,000 hrs. $18 per hr.) Total standard cost $ 6,480,000 3,780,000 4,860,000 $15,120,000 Actual costs incurred during the current quarter follow, Direct materials (1,615,000 lbs. $4.10 per lb.) Direct labor (265,000 hrs. $13.75 per hr.) Fixed factory overhead costs Variable factory overhead costs $ 6,621,500 3,643,750 2,350,000 2,200,000 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance