Use the following information for the Problems below. [The following information applies to the questions displayed below.) Trico Company set the following standard unit costs for its single product. Direct materials (30 lbs. @ $4.90 per Ib.) Direct labor (4 hrs. @ $16 per hr.) Factory overhead-Variable (4 hrs. @ $6 per hr.) Factory overhead-Fixed (4 hrs. @ $10 per hr.) Total standard cost $147.00 64.00 24.00 40.00 $275.00 The predetermined overhead rate is based on a planned operating volume of 80% of the product capacity of 53,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% Production in units 37,100 42,400 47,700 Standard direct labor hours 148,400 169,600 190,800 Budgeted overhead Fixed factory overhead $1,696,000 $1,696,000 $1,696,000 Variable factory overhead $ 890,400 $1,817,600 $1,144,800 During the current quarter, the company operated at 90% of capacity and produced 47,700 units of product; actual direct labor totaled 185,800 hours. Units produced were assigned the following standard costs. Direct materials (1,431,000 lbs. @ $4.90 per Ib.) Direct labor (190,800 hrs. @ $16 per hr.) Factory overhead (190,800 hrs. @ $16 per hr.) Total standard cost $ 7,011,900 3,052,800 3,052,800 $13, 117,500 Total standard cost $13, 117,500 Actual costs incurred during the current quarter follow. Direct materials (1,412,000 lbs. @ $7.70 per lb.) Direct labor (185,800 hrs. @ $11.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $10,872,400 2,043,800 1,318,500 1,282,700 $15,517,400 Problem 08-4A 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. Required information omplete this question by entering your answers in the tabs below. Reg 3 Reg 1 Reg 4 Volume Reg 2 Controllable Variance Variance npute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selectin ses.) Actual Cost Actual quantity Actual price $ 0 0 $ o o Req2 > ndicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Rour Standard Cost $ Og Req2 > Required intormation Complete this question by entering your answers in the tabs below. Req3 Reg 1 Req 4 Volume Req 2 Controllable Variance Variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance decimal places.) Actual Cost $ 0 $ $ 0 0 Required information . compule ule uleLLIGUI UUSI Vallalice, cumy late anu emciently vanances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Reg 3 Reg 1 Reg 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 fixed overhead Fixed overhead cost applied Fixed overhead volume variance