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. $144.0e 84.00 42.00 54.00 $ 324.00 Direct materials (30 Ibs. $4.80 per Ib.) Direct labor (6 hrs. $14 per hr.) Factory overhead-variable (6 hrs. $7 per hr.) Factory overhead-fixed (6 hrs.$9 per hr.) Total standard cost The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 57,000 units per quarter. The following flexible budget information is available Operating Levels 70% 90% 80% Production in units Standard direct labor hour:s Budgeted overhead 45,600 273,600 51,300 307,800 39,900 239,400 Fixed factory overhead Variable factory overhead $2,462,400 $1,675,800 $2,462,400 $1,915,200 $2,462,400 2,154,600 During the current quarter, the company operated at 90% of capacity and produced 51,300 units of product, actual direct labor totaled 304,800 hours. Units produced were assigned the following standard costs Direct materials (1,539,000 Ibs. $4.80 per Ib.) Direct labor (307,800 hrs. $14 per hr.) Factory overhead (307,800 hrs. @ $.16 per hr.) Total standard cost $ 7,387,200 4, 309,200 4,924,800 $16,621,200 Actual costs incurred during the current quarter follow Direct materials (1,519,000 Ibs. $7.30 per lb.) Direct labor (304,800 hrs. $13.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $11,088,700 3,962,400 2,337,000 2,187,800 $19,575,900 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 Actual Cost Standard Cost 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 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