(The following information applies to the questions displayed below! Trico Company set the following standard unit costs for its single product Direct materials (26 lbs @ $4 per lb.) Direct labor (8 hrs. @ $8 per hr) Factory overhead-variable (8 hrs. @ $5 per hr.) Factory overhead-fixed (8 hrs. @ $7 per hr.) $ 104.00 64.00 40.00 5600 Total standard cost $264.00 The predetermined overhead rate is based on a planned operating volume of 70% of the productive capacity of 50,000 units per quarter. The following flexible budget information is available Operating Levels 60% 30 000 240,000 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead 70% 35,000 280.000 80% 40.000 320.000 $ 1.960,000 $ 1.200.000 $ 1960.000 $ 1.400.000 $1.960,000 $ 1.600.000 During the current quarter, the company operated at 80% of capacity and produced 40.000 units of product: actual direct labor totaled 317,000 hours Units produced were assigned the following standard costs: $ Direct materials (1,040 000 lbs a $4 per lb) Direct labor (320,000 hrs. a $8 per h. Factory overhead (320,000 hrs @ $12 perhe 4160.000 2.560.000 3.840.000 Total standard cost $ 10.560.000 Actual costs incurred during the current quarter follow S Direct materials (1,035,000 lbs @ $410 per lb) Direct labor (317,000 hrs @ $775 per he) Fixed factory Overhead costs Variable factory overhead costs 4.243.500 2.456.750 2811132 2.631,698 Total actual costs $ 12,143,080 value 166 points Required: 1. Compute the direct materials cost variance, including its price and quantity variances Actual Cost Standard Cost value 166 points 2. Compute the direct labor variance, including its rate and efficiency variances 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