Trico Company set the following standard unit costs for its single product. Direct materials (26 lbs. @ $5 per lb.) Factory overhead-variable (10 hrs. @ $6 per hr.) Direct labor (10 hrs. @ $10 per hr.) Factory overhead-fixed (10 hrs. @ $9 per hr.) Total standard cost $ 130.00 100.00 60.00 90.00 $380.00 The predetermined overhead rate is based on a planned operating volume of 60% of the productive capacity of 50,000 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 50% 25,000 250,000 60% 30,000 300,000 70% 35,000 350,000 $2,700,000 $2,700,000 $2,700,000 $1,500,000 $1,800,000 $2,100,000 During the current quarter, the company operated at 70% of capacity and produced 35,000 units of product; actual direct labor totaled 347,000 hours. Units produced were assigned the following standard costs: Direct materials (910,000 lbs. @ $5 per lb.) Direct labor (350,000 hrs. @ $10 per hr.) Factory overhead (350,000 hrs. @ $15 per hr.) Total standard cost $ 4,550,000 3,500,000 5,250,000 $ 13,300,000 Actual costs incurred during the current quarter follow: Actual costs incurred during the current quarter follow: Direct materials (905,000 lbs. $5.10 per lb.) $ 4,615,500 Direct labor (347,000 hrs. @ $9.75 per hr.) 3,383,250 Fixed factory overhead costs 3,077,170 2,880,755 Variable factory overhead costs Total actual costs 8. value: 2.40 points $ 13,956,675 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost AQ 535,000 x AP x $ 8.30 $ 4,440,500 $ 0 $ 0 0 $ 0 Standard Cost 9. value: 2.40 points 2. Compute the direct labor variance, including its rate and efficiency variances. Actual Cost $ 0 EA $ 0 0 0 Standard Cost 10. value: 2.40 points 3. Compute the overhead controllable and volume variances. Actual overhead Controllable Variance Budgeted overhead Controllable variance