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. @ $4.40 per Ib.) Direct labor (6 hrs. @ $14 per hr.) Factory overhead-variable (6 hrs. @ $8 per hr.) Factory overhead-fixed (6 hrs. @ $12 per hr.) Total standard cost $132.00 84.00 48.00 72.00 $336.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 69,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 48,300 55,200 289,800 331,200 90% 62,100 372,600 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $3,974,400 $3,974,400 $3,974,400 $ 2,318,400 $2,649,600 $2,980, 800 During the current quarter, the company operated at 90% of capacity and produced 62,100 units of product; actual direct labor totaled 291,000 hours. Units produced were assigned the following standard costs. s Direct materials (1,863,000 Ibs. @ $4.40 per Ib.) Direct labor (372,600 hrs. @ $14 per hr.) Factory overhead (372,600 hrs. @ $20 per hr.) Total standard cost 8.197,200 5, 216,400 7,452,000 $ 20,865,600 Actual costs incurred during the current quarter follow. Direct materials (1, 466,000 Ibs. @ $7.40 per lb.) Direct labor (291,000 hrs. @ $12.60 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $10,848, 400 3,666,600 3,014,600 3,272,200 $ 20,801, 800 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 Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance