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. $153.00 60.00 Direct materials (30 lbs. @ $5.10 per Ib.) Direct labor (4 hrs. @ $15 per hr.) Factory overhead-Variable (4 hrs. @ $6 per hr.) Factory overhead-Fixed (4 hrs. @ $11 per hr.) Total standard cost 24.00 44.00 $281.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 68,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% 47,600 54,400 61,200 190,400 217,600 244,800 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,393,600 $2,393,600 $2,393,600 $1,142,400 $1,305,600 $1,468,800 During the current quarter, the company operated at 90% of capacity and produced 61,200 units of product; actual direct labor totaled 239,800 hours. Units produced were assigned the following standard costs. Direct materials (1,836,000 Ibs. @ $5.10 per Ib.) Direct labor (244,800 hrs. @ $15 per hr.) Factory overhead (244,800 hrs. @ $17 per hr.) Total standard cost $ 9,363,600 3,672,000 4,161,600 $17,197,200 Actual costs incurred during the current quarter follow. Direct materials (1,826,000 Ibs. @ $6.70 per $12,234,200 lb.) Direct labor (239,800 hrs. @ $12.00 per hr.) 2,877,600 Fixed factory overhead costs 1,942,800 Variable factory overhead costs 1,818, 800 Total actual costs $18,873,400 Problem 23-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Problem 23-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. 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 Variance Req 4 Volume Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per u places.) Standard Cost Actual Cost X Actual quantity Actual price Actual quantity X Standard price Standard quantity Standard price Direct materials price variance Direct materials quantity variance Total direct materials variance of Unfavorable 0 Favorable Unfavorable Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. 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 Variance Req 4 Volume Variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answ decimal places.) Actual Cost Standard Cost Problem 23-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. 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 Variance Req 4 Volume Variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllable Variance Actual overhead Budgeted overhead Controllable variance Favorable Problem 23-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req3 Controllable Variance Req 4 Volume Variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance Favorable