Trico Company set the following standard unit costs for its single product Direct materials (30 lbs. @ $4.40 per Ib.) Direct labor (6 hrs. $14 per hr.) Factory overhead-Variable (6 hrs. $9 per hr.) Factory overhead-Fixed (6 hrs. @ $12 per hr. Total standard cost $ 132.00 84.00 54.80 72.00 $ 342.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 55,000 units per quarter. The following flexible budget information is available Operating Levels 70% 80 gos Production in units 30,500 44,000 49,500 Standard direct labor hours 231,000 264,000 297,000 Budgeted overhead Fixed factory overhead 53,160,000 $3,163,000 $3,168,000 Variable factory overhead 52,070,000 $2,376,000 52,673,000 72.00 Factory overhead-Fixed (6 hrs. @ $12 per hr.) Total standard cost $ 342.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 55,000 units per quarter. The following flexible budget information is available. Operating Levels 70% sex Production in units 38,500 44,00 49,500 Standard direct labor hours 231,000 264,000 297,000 Budgeted overhead Fixed factory overhead $3,168,000 $3,168,000 $3,168,000 Variable factory overhead $2,079,000 $2,376,000 $2,673,000 During the current quarter, the company operated at 90% of capacity and produced 49,500 units of product, actual direct labor totaled 292,000 hours. Units produced were assigned the following standard costs. Direct materials (1,485,000 lbs. $4.40 per Ib.) Direct labor (297,000 hrs. $14 per hr.) Factory overhead (297.000 hes. $21 per hr.) Total standard cost $ 6,534,000 4,158,000 6,232,000 $16,929,000 During the current quarter, the company operated at 90% of capacity and produced 49,500 units of product actual direct labor totaled 292,000 hours. Units produced were assigned the following standard costs. Direct materials (1,485,000 lbs. $4.40 per Ib.) Direct labor (297,000 hrs. $14 per hr.) Factory overhead (297,000 hrs. @ $21 per hr.) Total standard cost $ 6,534,000 4,158,000 6,237,000 $16,929,000 Actual costs incurred during the current quarter follow Direct materials (1,474,000 lbs. 57.40 per lb.) Direct labor (292,000 hrs. $12.50 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $10,907,600 3,650,000 3,014,700 2.822.300 $20,394,600 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 Reg 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 favorable, places. Actual Cost Req3 Reg 1 Reg 2 Controllable Reg 4 Volume Variance Variance Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each varlance by selecting for favorable, unfavc places) Actual Cost $ 0 $ 0 5 Req3 Req 4 Volume Reg1 Reg 2 Controllable Variance Variance Compute the direct labor cost variance, including its rate and efficiency variancon (indicate the effect of each variance by selecting for favorable, unfavorabil decimal places) Actual Cost Standard 0 S Reg1 Roq Controllable Variance > Req3 Req1 Reg 2 Reg 4 Volume Controllable Variance 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 Reg 3 Reg 1 Req 2 Controllable Req 4 Volume Variance Variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Fixed overhead volume variance Budgeted fored overhead Fixed overhead cost applied Fixed overhead volume variance