Trico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. @ $5.10 per Ib.) Direct labor (6 hrs. @ $15 per hr.) Factory overhead-Variable (6 hrs. @ $7 per hr.) Factory overhead-Fixed (6 hrs. @ $11 per hr.) Total standard cost $153.00 90.00 42.00 66.00 $351.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 56,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 39,200 44,800 235, 200 268,800 90% 50,400 302,400 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,956,800 $2,956,800 $2,956,800 $1,646,400 $1,881,600 $2,116,800 During the current quarter, the company operated at 90% of capacity and produced 50,400 units of product; actual direct labor totaled 299,400 hours. Units produced were assigned the following standard costs. Direct materials (1,512,000 lbs. @ $5.10 per Ib. ) Direct labor (302,400 hrs. @ $15 per hr.) Factory overhead (302, 400 hrs. @ $18 per hr.) Total standard cost $ 7,711,200 4,536,000 5,443,200 $17,690,400 Actual costs incurred during the current quarter follow. Direct materials (1,499,000 Ibs. @ $6.30 per lb.) Direct labor (299,400 hrs. @ $12.50 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 9,443,700 3,742,500 2,604,700 2,438,500 $18, 229,400 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 3 Req 1 Req 2 Controllable Variance Req 4 Volume 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 places.) Actual Cost Standard Cos Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no decimal places.) Actual Cost Standard Cost Variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllable Variance Actual overhead Budgeted overhead Controllable variance Variance Variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance