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. aterials (30 516 per hr. per hr.) Direct materials (30 lbs. @ $4.90 per Ib.) Direct labor (4 hrs. @ $16 per hr.) Factory overhead-Variable (4 hrs. @ $6 per hr.) Factory overhead-Fixed (4 hrs. @ $10 per hr.) Total standard cost $147.00 64.00 24.00 40.00 $275.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 53,000 units per quarter. The following flexible budget information is available. Operating Levels 708 808 37,100 42,400 148,400 169,600 908 47,700 190,800 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $1,696,000 $1,696,000 $1,696,000 $ 890,400 $1,017, 600 $1,144,800 During the current quarter, the company operated at 90% of capacity and produced 47,700 units of product; actuar direct labor totaled 185,800 hours. Units produced were assigned the following standard costs. Direct materials (1,431,000 Ibs. $4.90 per Ib.) Direct labor (190,800 hrs. $16 per hr.) $ 7,011, 900 3.052.800 During the current quarter, the company operated at 90% of capacity and produced 47,700 units of product, actual direct labor totaled 185.800 hours. Units produced were assigned the following standard costs. Direct materials (1,431,000 Ibs. @ $4.90 per Ib.) Direct labor (190,800 hrs. @ $16 per hr.) Factory overhead (190,800 hrs. $16 per hr.) Total standard cost $ 7,011, 900 3,052,800 3,052,800 $13,117,500 Actual costs incurred during the current quarter follow. Direct materials (1,412,000 lbs. @ $7.70 per lb.) Direct labor (185,800 hrs. @ $11.00 per hr.) Pixed factory overhead costs Variable factory overhead costs Total actual costs $10,872,400 2,043,800 1,318,500 1,282,700 $15,517,400 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. Required information Complete this question by entering your answers in the tabs below. Reg 3 Reg 4 Volume Controllable Reg 2 Req1 Variance Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting forever decimal places.) Actual Cost Complete this question by entering your answers in the tabs below. Reg 3 Reg 4 Volume Reg 1 Reg 2 Controllable Variance Variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for decimal places.) Actual Cost 0 Reg Controllable Variance Required information Complete this question by entering your answers in the tabs below. Req3 Reg 4 Volume Reg 2 Controllable Reg 1 Variance Variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) ences Fixed overhead volume variance Budgeted foxed overhead Fixed overhead cost applied Fixed overhead volume variance