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 Ibs. $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.) $153.00 112.00 48.00 96.00 $409.00 Total standard cost 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 Levels 90% 70% 808 Production in units 36,400 291,200 41,600 332,800 46,800 374,400 Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $3,993,600 $3,993,600 $3,993,600 $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 Direct materials (1,404,000 Ibs. $5.10 per Ib.) Direct labor (374,400 hrs. $14 per hr.) Factory overhead (374,400 hrs. $18 per hr.) $ 7,160,400 5,241,600 6,739,200 $19,141,200 Total standard cost Actual costs incurred during the current quarter follow Direct materials (1,385,000 Ibs. e $6.70 per lb.) Direct labor (370,400 hrs. $11.50 per hr.) $ 9,279,500 4,259,600 3,196,600 3,016,800 Fixed factory overhead costs Variable factory overhead costs $19,752,500 Total actual costs Problem 23-4A Computation of materials, labor, and overhead variances LO P2, P3 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 Problem 23-5AA Expanded overhead variances LO P4 (a) Compute the variable overhead spending and efficiency variances. (Round "cost per unit" and "rate per hour" answers to 2 |decimal places.) Standard Cost (VOH applied) Actual Variable OH Cost Flexible Budget (b) Compute the fixed overhead spending and volume variances. (Round "cost per unit" and "rate per hour" answers to 2 decimal places.) Actual Fixed OH Cost Budgeted Overhead Standard Cost (FOH applied) (c) Compute the total overhead controllable variance. Overhead Controllable Variance Total overhead controllable variance