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 @ $4.40 per Ib.) Direct labor (6 hrs. e $14 per he.) Factory overhead-variable (6 hrs. @ $8 per hr.) Factory overhead-fixed (6 hrs. $11 per he.) Tatal standard cost $ 132.00 84.00 48.00 66.00 5 330.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 50,000 units per quarter. The following flexible budget information is available. Operating Levels 20% 80% 35,000 40,000 218,000 240,000 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead 9ex 45,000 270, eee $2,640,000 $2,640,000 $2,640,000 $1,680,000 $1,920,000 $2,160,000 During the current quarter the company operated at 90% of capacity and produced 45,000 units of product, actual direct labor totaled 266.000 hours. Units produced were assigned the following standard costs. Direct materials (1,350,000 lbs @ $4.40 per Ib.) Direct labor (270,eve he $14 per hr.) Factory overhead (270,000 hrs. e. $19 per hr.) Total standard cost $ 5,940,000 3,780,000 5,130,000 $14,850,000 Actual costs incurred during the current quarter follow. Direct materials (1.333,000 Tb36.20 per 1b.) Direct Labor (266.000 hrs $12.50 per hr Fixed factory overhead costs Variable factory overhead costs Total actual costs 3.3,264,600 3,325 2,443,000 282,000 $15, 319.500 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 varlances 3 Answer is not complete. Actual Cont Actual quantity | Actual pnce Actual quantity Standard price Standard quantity Standard Cont Standard price 0 0 0 Untwort Dired manco vanoce Dect material entity variance Total direct materiais variance 0 Favonible Unlivorable 2. Compute the direct labor cost variance, including its rate and efficiency variances Answer is not complete. Actual Cont Actual hours Actual rato Actual hours Standard rate Standard hours Standard Cost Standard rato Direct laborate variance . 5 0 Favorable 0 Director officiency variance Total direct labor Variance Flvosbe Favorable *** 3. Compute the overhead controllable and volume variances. X Answer is not complete. Controllable Variance Actual overhead Budgeted overhead Controllable variance Favorable X Answer is not complete. Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance Favorable