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. 2 $4 por Ib.) Direct labor (5 heu. & $14 per hr.) Factory overhead-variable (5 hrs. + $8 per hr.) Factory overhead-fixed (s hrs. $10 per hr.) Total standard cost $120.00 70.00 40.00 50.00 $280.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per quarter. The following flexible budget information is available. Operating Level 700 BO 42,000 48,000 210,000 240,000 900 54,000 270,000 Production in unita Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,400,000 $2,400,000 $2,400,000 $1,680,000 $1,920,000 $2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units of product, actual direct labor totaled 265,000 hours. Units produced were assigned the following standard costs. Direct materials (1.620,000 iba 54 per Ib.) Direct labor (270,000 h. 514 per hr.) Factory overhead (270,000 hrs. 518 per hr. Total standard cost $ 6,480,000 3,780.000 4,860,000 $15, 120,000 Actual costs incurred during the current quarter follow. Actual costs incurred during the current quarter follow. Direct materials (1,615,000 lbs. $4.10 per 1b.) Direct labor (265.000 hrs. $13.75 per hr.) Fixed factory overhead coats Variable factory overhead costs Total actual costs $ 6,621,500 3,643,750 2,350,000 2,200,000 $14,815,250 Problem 21-4A Computation of materials, labor, and overhead variances LO 2, P3 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. AQ - Actual Quantity SQ Standard Quantity AP - Actual Price SP Standard Price Actual Cost Standard Cost 2. Compute the direct labor cost variance, including its rate and efficiency variances. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR - Standard Rate Standard Cost Actual Cost