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. $4.80 per Ib.) Direct labor (7 hrs. $14 per hr.) Factory overhead-variable (7 hrs. $6 per hr.) Factory overhead-fixed (7 hrs. $9 per hr.) Total standard cost 144.00 98.00 42.00 63.00 347.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 64,000 units per quarter. The following flexible budget information is available Operating Levels 80% Production in units Standard direct labor hours Budgeted overhead 70% : 44,800 313,600 51,208 358,400 403,200 90% 57,600 Fixed factory overhead Variable factory overhead $3,225,600 $3,225,680 $3,225,600 $1,881,60e $2,150,400 $2,419,200 During the current quarter, the company operated at 90% of capacity and produced 57600 units of product, actual direct labor totaled 400 200 hours. Units produced were assigned the following standard costs Direct materials (1,728,000 Ibs. $4.80 per Ib.) 8,294,400 Direct labor (403,200 hrs. $14 per hr.) Factory overhead (403,280 hrs. $15 per hr.) Total standard cost 5,644,800 6,048.000 $19,987,200 Actual costs incurred during the current quarter follow Direct materials (1,715,000 Ibs. e $6.30 per lb.) Direct labor (400, 200 hrs. $11.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $10,804,500 4,402,208 2,813,800 2,634,200 $20,654,700 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