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 E units per quarter. The following flexible budget information is available. Production in units Standard direct labor hours. Budgeted overhead Fixed factory overhead Variable factory overhead Operating Levels 70% 80% 90% 44,800 51,200 57,600 313,600 358,400 403,200 $3,225,600 $3,225,600 $3,225,600 $1,881,600 $2,150,400 $2,419,200 During the current quarter, the company operated at 90% of capacity and produced 57,600 units of product; actu labor totaled 400,200 hours. Units produced were assigned the following standard costs. Direct materials (1,728,000 Ibs. @ $4.80 per Ib.) Direct labor (403,200 hrs. @ $14 per hr.) Factory overhead (403,200 hrs. @$15 per hr.) Total standard cost $ 8,294,400 5,644,800 6,048,000 $19,987,200 Actual costs incurred during the current quarter follow. Direct materials (1,715,000 Ibs. @ $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 4,402,200 2,813,800 2,634,200 $20,654,700 Problem 21-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials cost variance, including its price and quantity variances 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Variance Req 4 Volume Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavors places.) Actual Cost Pes 1 Peq2>> Stand Problem 21-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1 Compute the direct materials cost variance, including its price and quantity variances 2. Compute the direct labor cost variance, including its rate and efficiency variances 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Variance Req 4 Volume Variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable decimal places.) Actual Cost <1 req 3 controllable variance> Standard C Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Req 4 Volume Variance Variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Actual overhead Controllable Variance Budgeted overhead i Controllable variance Controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 3 Req 1 Req 2 Controllable Req 4 Volume Variance Variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance