Trico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. @ $5.10 $153.00 per Ib.) Direct labor (4 hrs. $15 per hr.) 60.00 Factory overhead-Variable (4 hrs. @ 24.00 $6 per hr.) Factory overhead-Fixed (4 hrs. @ $11 44.00 per hr:) Total standard cost $281.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 68,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% Production in units 47,600 54,400 61,200 Standard direct labor hours 190,400 217,600 244,800 Budgeted overhead Fixed factory overhead $2,393,600 $2,393,600 $2,393,600 Variable factory $1, 142,400 $1,305,600 $1,468,800 overhead During the current quarter, the company operated at 90% of capacity and produced 61,200 units of product; actual direct labor totaled 239,800 hours. Units produced were assigned the following standard costs. $ 9,363,600 3,672,000 Direct materials (1,836,000 Ibs. @ $5.10 per Ib.) Direct labor (244,800 hrs. @$15 per hr.) Factory overhead (244,800 hrs. @ $17 per hr.) Total standard cost 4,161,600 $17,197,200 Actual costs incurred during the current quarter follow. Direct materials (1,826,000 Ibs. @ $6.70 per lb.) $12, 234, 200 Direct labor (239,800 hrs. @ $12.00 per hr.) 2,877,600 Fixed factory overhead costs 1,942,800 Variable factory overhead costs 1,818, 800 Total actual costs $18,873,400 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 Reg 4 Controll... Volume 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 2,692,800 Fixed overhead cost $ applied 2,637,800 Fixed overhead volume variance $ 55,000 Favorable