Trico Company set the following standard unit costs for its single product. Direct materials (29 lbs. @ $4 per Ib.) $ Direct labor (8 hrs. @ $8 per hr.) 64.00 Factory overhead-variable (8 hrs. @ $5 per hr.) Factory overhead-fixed (8 hrs. @ $7 56.00 per hr.) 276.00 Total standard cost The predetermined overhead rate is based on a planned operating volume of 70% of the productive capacity of 70,000 units per quarter. The following flexible budget information is available. Operating Levels Production in units 60% 42,000 336,000 70% 49,000 392,000 80% 56,000 448.000 Standard direct labor hours Budgeted overhead Fixed factory overhead $2,744,000$ 2,744,000 2,744,000 Variable factory $1,680,000 -1,960,000 2,240,000 overhead During the current quarter, the company operated at 80% of capacity and produced 56,000 units of product; actual direct labor totaled 441,000 hours. Units produced were assigned the following standard costs: 6,496,000 3,584,000 Direct materials (1,624,000 lbs. @ $4 per lb.) Direct labor (448,000 hrs. @ $8 per hr.) Factory overhead (448,000 hrs. @ $12 per hr.) 5,376,000 Total standard cost $15,456,000 Actual costs incurred during the current quarter follow: Direct materials (1,619,000 lbs. @ $4.106,637,900 per Ib.) Direct labor (441,000 hrs. @ $7.75 per 3,417,750 hr.) 3,910,755 Fixed factory overhead costs Variable factory overhead costs 3,661,132 $ 17,627,537 Total actual costs 8. value: 2.40 points Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost References eBook & Resources Expanded table Learning Objective: 21-P2 Compute materials and labor variances. Difficulty: 3 Hard Learning Objective: 21-P3 Compute overhead controllable and volume variances. Check my work 9. value: 2.40 points 2. Compute the direct labor variance, including its rate and efficiency variances. Actual Cost Standard Cost References eBook & Resources Expanded table Learning Objective: 21-P2 Compute materials and labor variances. Difficulty: 3 Hard Learning Objective: 21-P3 Compute overhead controllable and volume variances. 10. value: 2.40 points 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance References eBook & Resources Expanded table Learning Objective: 21-P2 Compute materials and labor variances. Difficulty: 3 Hard Learning Objective: 21-P3 Compute overhead controllable and volume variances