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. @ $5.50 per Ib.) Direct labor (7 hrs. $14 per hr.) Factory overhead-Variable (7 hrs. @ $6 per hr.) Factory overhead-Fixed (7 hrs. @ $12 per hr.) Total standard cost $165.00 98.00 42.00 84.00 $389.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 62,000 units per quarter. The following flexible budget information is available. Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead Operating Levels 704 809 904 43,400 49,600 55,800 303,800 347,200 390,600 $4,166,400 $4,166,400 $4,166,400 $1,822,800 $2,083,200 $2,343,600 During the current quarter, the company operated at 90% of capacity and produced 55,800 units of product, actual direct labor totaled 386,600 hours. Units produced were assigned the following standard costs. Direct materials (1,674,000 lbs. @ $5.50 per Ib.) Direct labor (390,660 hrs. @ $14 per hr.) Factory overhead (398,600 hrs. $18 per hr.) Total standard cost $ 9,207,000 5,468,400 7,830,800 $21,706,200 Actual costs incurred during the current quarter follow. Direct materials (1,658,000 lbs. $7.60 per tb.) Direct labor (386,600 hrs. $12.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $12,600,800 4,639,200 3,321,400 3, 109,400 $23,670,800 Required: 1. Compute the direct materials cost varlance, 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. Vartance Reg Reg 1 Req 4 Volume Reg 2 Controllable Variance Compute the direct materials cost varlance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cout places Standard Cost Actual Cost $ 0 0 5 of 0 Haga) 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 1 Reg 2 Controllable Req 4 Volume Variance Variance Compute the direct labor cost variance, including its rate and efficiency variances, (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variano places.) Actual Cost Standard Cost 0 $ 0 $ > 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. es Complete this question by entering your answers in the tabs below. Req3 Rea 1 Reg 2 Req 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 int 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. ences Complete this question by entering your answers in the tabs below. Req3 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 na Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance ( Req 3 Controllable Variance Reg 4 Volume Variance