[The following information applies to the questions displayed below.] Trico Company set the following standard unit costs for its single product. $ 81.00 Direct materials (27 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.) 36.00 24.00 30.00 $171.00 Total standard cost The predetermined overhead rate is based on a planned operating volume of 70% of the productive capacity of 80,000 units per quarter. The following flexible budget information is available. Operating Levels 60% 70% 80% 48,000 Production in units 56,000 336,000 64,000 Standard direct labor hours 288,000 384,000 Budgeted overhead Fixed factory overhead Variable factory overhead 1,680,000 $ 1,680,000 $1,680,000 1,152,000 $ 1,344,000 $1,536,000 During the current quarter, the company operated at 80% of capacity and produced 64,000 units of product actual direct labor totaled 379,000 hours. Units produced were assigned the following standard costs: Direct materials (1,728,000 lbs.@ $3 per lb.) Direct labor (384,000 hrs.@ $6 per hr.) Factory overhead (384,000 hrs.@ $9 per hr.) 5,184,000 2,304,000 3,456,000 Total standard cost 10,944,000 Actual costs incurred during the current quarter follow: Direct materials (1,723,000 lbs.@ $3.10 per lb.) Direct labor (379,000 hrs. @ $5.75 per hr.) Fixed factory overhead costs Variable factory overhead costs 5,341,300 2,179,250 3,360,943 3,146,415 Total actual costs 14,027,908 15. value: Required information 0.75 points You did not receive full credit for this question in a previous attempt Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost AQ AP AQ SP SQ X $ $ 0 0 Direct materials price variance 0 Unfavorable Direct materials quantity variance 0 Favorable Total direct materials variance Unfavorable 16. value: Required information 0.75 points You did not receive full credit for this question in a previous attempt 2. Compute the direct labor variance, including its rate and efficiency variances Actual Cost Standard Cost AH AR AH SR SH SR $ $ 0 0 Direct labor rate variance S 0 Direct labor efficiency variance Total direct labor variance