Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.) Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit $ 150.00 98.00 49.00 63.00 $ 360.00 Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 61,000 units per quarter. The following additional information is available. Operating Levels 70% 80% 90% Production (in units) 42,700 48,800 54,900 Standard direct labor hours (7 DLH/unit) 298,900 341,600 384,300 Budgeted overhead (flexible budget) Fixed overhead $ 3,074,400 $ 3,074,400 $ 3,074,400 Variable overhead $ 2,092,300 $ 2,391,200 $ 2,690,100 During the current quarter, the company operated at 90% of capacity and produced 54,900 units; actual direct labor totaled 316,300 hours. Units produced were assigned the following standard costs. Direct materials (1,647,000 pounds @ $5.00 per pound) $ 8,235,000 Direct labor (384,300 hours @ $14 per hour) 5,380,200 Overhead (384,300 hours & $16 per hour) 6,148,800 Standard (budgeted) cost $ 19,764,000 Actual costs incurred during the current quarter follow. Direct materials (1,364,000 pounds @ $7.80 per pound) Direct labor (316,300 hours @ $11.10 per hour) Fixed overhead Variable overhead Actual cost $ 10,639,200 3,510,930 2,348,400 2,742,200 $ 19, 240,730 Problem 23-4A (Algo) Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor 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 1 Reg 2 Req 3 Controllable Variance Req 3 Volume Variance Compute the direct materials variance, including its price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost Standard Cost Actual quantity Actual price Actual quantity Standard price Standard quantity X Problem 23-4A (Algo) Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor 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 1 Reg 2 Reg 3 Controllable Variance Req 3 Volume Variance Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Rou Actual Cost Standard Cost $ 0 $ 01 0 Reg 1 Reg 2 Req3 Controllable Variance Req 3 Volume Variance Compute the overhead controllable variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Controllable Variance Actual total overhead Budgeted total overhead Controllable variance Variance Req3 Req 3 Volume Req 1 Reg 2 Controllable Variance Compute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Volume variance Budgeted total overhead Standard overhead applied Volume variance