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. @ $5.10 per Ib.) Direct labor (8 hrs. @ $14 per hr.) Factory overhead-Variable (8 hrs. @ $6 per hr.) Factory overhead-Fixed (8 hrs. + $12 per hr.) Total standard cost $153.00 112.00 48.00 96.00 $409.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 52,000 units per quarter. The following flexible budget information is available. Operating Level) 708 805 90% Production in units 36,400 41,600 46,800 Standard direct labor hours 291,200 332,800 374,400 Budgeted overhead Fixed factory overhead $3,993, 600 $3,993,600 $3,993,600 Variable factory overhead $1,747,200 $1,996,800 $2,246,400 During the current quarter, the company operated at 90% of capacity and produced 46,800 units of product; actual direct labor totaled 370,400 hours. Units produced were assigned the following standard costs. Chech During the current quarter, the company operated at 90% of capacity and produced 46,800 units of product, actual direct labor totaled 370,400 hours. Units produced were assigned the following standard costs. Direct materials (1,404,000 lbs. $5.10 per Ib.) Direct labor (374,400 hrs. e $14 per hr.) Factory overhead (374,400 hrs. e $18 per hr.) Total standard cost $ 7,160,400 5,241,600 6,739,200 $19,141,200 Actual costs incurred during the current quarter follow. Direct materials (1,385,000 lbs. $6.70 per lb.) Direct labor (370, 400 hrs. @ $11.50 per hr.) Fixed factory overhead conta Variable factory overhead costs Total actual costs $ 9,279,500 4,259, 600 3, 196,600 3,016,800 $19,752,500 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. Complete this question by entering your answers in the tabs below. Reg 2 Reg 3 Reg 1 Req 4 Volume 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, decimal places.) Actual Cost $ 0 s $ 0 Rec2 > ilume ng its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" a Standard Cost $ 0 $ 0 $ 0 0 Reu Reg 2 > Complete this question by entering your answers in the tabs below. Reg 3 Reg 1 Red 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, unfas decimal places.) Actual Cost Sta $ 0 $ 0 S 0 scy variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" an Standard Cost $ 0 0 0 Complete this question by entering your answers in the tabs below. Reg 3 Reg 1 Reg 2 Req 4 Volume Controllable Variande 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 Complete this question by entering your answers in the tabs below. Req3 Req 4 Volume Reg 1 Reg 2 Controllable Variance Variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and variance.) Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance