The following information applies to the questions displayed below] Trico Company set the following standard unit costs for its single product. Direct materials (25 lbs @ $3 per lb.) Direct labor (6 hrs. @ $6 per hr.) Factory overhead-variable (6 hrs. $4 per hr) Factory overhead-fixed (6 hrs. @ $5 per hr.) $ 75,00 36.00 2400 30.00 Total standard cost $ 165.00 The predetermined overhead rate is based on a planned operating volume of 50% of the productive capacity of 40,000 units per quarter. The following flexible budget information is available. Operating Levels 40% 50% Production in units 16.000 20.000 24.000 Standard direct labor hours 96.000 120,000 144.000 Budgeted overhead Fixed factory overhead $ 600.000 $ 600,000 $ 600.000 Variable factory overhead $ 384,000 $480.000 $ 576,000 60% During the current quarter the company operated at 80% of capacity and produced 24.000 units of product, actual direct labor totaled 137.000 hours. Units produced were assigned the following standard costs: Type here to search During the current quarter, the company operated at 60% of capacity and produced 24,000 units of product: actual direct labor totaled 137,000 hours. Units produced were assigned the following standard costs: Direct materials (600,000 lbs @ $3 per tb.) Direct labor (144,000 hrs. @ $6 per hr.) Factory overhead (144,000 hrs @ $9 per hr) Total standard cost $ 1,800,000 864,000 1,296,000 $ 3,960,000 Actual costs incurred during the current quarter follow $ Direct materials (595,000 lbs a $310 per b) Direct labor (137,000 hrs, a $5.75 per hc) Fixed factory overhead costs Variable factory overhead costs 1,844,500 787.750 1.214.906 1137,358 Total actual costs $ 4.984,514 Value 1.66 points Required: Required: 1. Compute the direct materials cost variance, including its price and quantity variances Actual Cost Standard Co $ 0 $ 0 $ O 0 References eBook & Resources Expanded table Leaming Objective: 21.F2 Compute materials and labor variances Difficulty: 3 Hard Learning Objective: 21.23 Compute overhead controllables and volume vanances Check my work 2. Compute the direct labor variance, including its rate and efficiency variances Actual Cost Standard Cont $ $ 0 S 0 0 References eBook & Resources Expanded table Leaming Objective: 21:22 Compute materiais and labor variances Difficulty: 3 Hard caring Objectives 21Pe compute overhead control and volume vatances Check mork 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Foed overhead cost applied Fixed overhead volume variance