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rico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. $5.00 per Ib.) Direct labor (7 hrs. G $14 per hr.) Factory overhead-variable (7 hrs. e $7 per hr.) Factory overhead-fixed (7 hrs. 8 $9 per hr.) Total standard cost $150.00 98.00 49.00 63.00 $360.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 51,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 35,700 249,900 80% 40,800 285,600 90% Production in units Standard direct labor hours Budgeted overhead 45,900 321,300 Fixed factory overhead Variable factory overhead $2,570,400 $2,570,400 $2,570,400 $1,749,300 $1,999,200 $2,249,100 During the current quarter, the company operated at 90% of capacity and produced 45,900 units of product, actual direct labor totaled 317,300 hours. Units produced were assigned the following standard costs. Direct materials (1,377,000 Ibs. $5.00 per Ib.) Direct labor (321,300 hrs. 6 $14 per hr.) Factory overhead (321,300 hrs. $16 per hr.) Total standard cost $ 6,885,000 4,498,200 5,140,800 $16,524,000