Trico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. @ $5.10 per Ib. ) Direct labor (8 hrs. @ $15 per hr.) Factory overhead-variable (8 hrs. @ $6 per hr.) Factory overhead-Fixed (8 hrs. @ $9 per hr.) Total standard cost $153.00 120.00 48.00 72.00 $393.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 65,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 45,500 52,000 364,000 416,000 90% 58,500 468,000 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $3,744,000 $3,744,000 $3,744,000 $2,184,000 $2,496,000 $2,808,000 During the current quarter, the company operated at 90% of capacity and produced 58,500 units of product; actual direct labor totaled 465,000 hours. Units produced were assigned the following standard costs. Direct materials (1,755,000 Ibs. @ $5.10 per Ib.) Direct labor (468,000 hrs. @ $15 per hr.) Factory overhead (468,000 hrs. @ $15 per hr.) Total standard cost $ 8,950,500 7,020,000 7,020,000 $ 22,990,500 Actual costs incurred during the current quarter follow. Direct materials (1,741,000 Ibs. @ $7.00 per lb.) Direct labor (465,000 hrs. @ $11.50 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 12,187,000 5,347,500 3,315,800 3,104,200 $ 23,954,500 Problem 23-4A 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. Req3 Reg 1 Reg 2 Controllable Req 4 Volume Variance Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no decimal places.)