Trico Company set the following standard unit costs for its single product. Direct materials (30 lbs. @ $4.00 per Ib.) Direct labor (7 hrs. $14 per hr.) Factory overhead-Variable (7 hrs. @ $7 per hr.) Factory overhead-Fixed (7 hrs. @ $11 per hr.) Total standard cost $120.00 98.00 49.00 77.00 $344.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 63,000 units per quarter. The following flexible budget information is available. Operating Levels 78% 888 90% Production in units 44,100 50,400 56,700 Standard direct labor hours 308,700 352,800 396,900 Budgeted overhead Fixed factory overhead $3,880,800 $3,880,800 $3,880,800 Variable factory overhead $2,160,900 $2,469,680 $2,778,300 During the current quarter, the company operated at 90% of capcity and produced 56,700 units of product actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. Direct materials (1,701,880 Ibs. @ $4.00 per Ib.) Direct labor (396,900 hrs. @ $14 per hr.) Factory overhead (396,900 hrs. $18 per hr.) Total standard cost $ 6,804,000 5,556,600 7. 144,200 $19,504,800 Actual costs incurred during the current quarter follow. Actual costs incurred during the current quarter follow. Direct materials (1,686,000 lbs. $5.10 per lb.) Direct labor (393,900 hrs. @ $12.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 8,598,600 4,726,800 3,388,888 3, 164,200 $19,869,600 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. Reg 3 Req 4 Volume Reg 1 Reg 2 Controllable Variance Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for places.) Actual Cost