Required information 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. $15 per hr.) Factory overhead-variable hrs. $6 per hr.) Factory overhead-fixed (8 hrs. @ $9 per hr. ) Total standard cost $153.00 120.00 48.00 72.00 $393.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 65,000 units per quarter. The following flexible budget Information is available. Operating Levels 45,500 52.000 58,500 364,000 416,000 468,000 900 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead 3,744,000 $3,744.000 2.184.000 $2.496.000 $3,744,000 $2.800.000 During the current quarter, the company operated at 90% of capacity and produced 58,500 units of product, actual direct labor totaled 465,000 hours. Units produced were assigned the following standard costs. Direct materials (1,755,000 lbs. 2 $5.10 per Ib.) Direct Labor (468,000 hrs. $15 per h.) Factory overhead (468,000 hrs. $15 per hr.) Total standard cost $ 8,950,500 7,020,000 7,020,000 $22,990,500 Actual costs incurred during the current quarter follow. $12 3.315, Direct materials (1,741,000 lbs. $7.00 per Direct labor (465,000 hrs. @ $11.50 per hr.) Fixed factory overhead coats Variable factory overhead Total actual costs 3,104,200 $23,954,500 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost 2. Compute the direct labor cost variance, including its rate and efficiency variances. Actual Cost Standard Cost 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance