Trico Company set the following standard unit costs for its single product. Direct materials (30 lbs. @ $4 per Ib. ) Direct labor (5 hrs. @ $14 per hr.) Factory overhead-variable (5 hrs. @ $8 per hr.) Factory overhead-Fixed (5 hrs. @ $10 per hr.) Total standard cost $120.00 70.00 40.00 50.00 $280.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% 42,000 48,000 54,000 210,000 240,000 270,000 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,400,000 $2,400,000 $2,400,000 $1,680,000 $1,920,000 $2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units of product; actual direct labor totaled 265,000 hours. Units produced were assigned the following standard costs. Direct materials (1,620,000 Ibs. @ $4 per Ib.) Direct labor (270,000 hrs. @ $14 per hr.) Factory overhead (270,000 hrs. @ $18 per hr.) Total standard cost $ 6,480,000 3,780,000 4,860,000 $15, 120,000 Actual costs incurred during the current quarter follow. Direct materials (1,615,000 Ibs. @ $4.10 per lb.) Direct labor (265,000 hrs. @ $13.75 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 6,621,500 3,643,750 2,350,000 2,200,000 $14,815, 250 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 3 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, and I answers to two decimal places.) Actual Cost Standard Cost $ 0 $ 0 0 O Reg 1 Req 2 Req 3 Controllable Variance Req 3 Volume Variance Compute the controllable variance. (Indicate the effect of each variance by selec variance.) Controllable Variance Actual overhead Budgeted overhead Controllable variance Req2 Req 3 Volume Va Req: Req 3 Volume Variance TICY Req 3 Controllable Variance Req 3 Volume Variance Compute the volume variances. (Indicate the effect of each variance variance.) Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance