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. @ $4.00 per Ib.) Direct labor (7 hrs. @ $14 per hr.) Factory overhead-variable (7 hrs. @ $7 per hr.) Factory overhead-fixed (7 hrs. @ $11 per hr.) Total standard cost $120.00 98.00 49.00 77.00 $344.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 63,000 units per quarter. The following flexible budget information is available. Operating Levels 708 80% 44,100 50,400 308, 700 352,800 90% 56,700 396,900 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $3,880,800 $3,880,800 $3,880,800 $2,160,900 $2,469,600 $2,778,300 During the current quarter, the company operated at 90% of capacity and produced 56,700 units of product; actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. $ 6,804,000 Direct materials (1,701,000 Ibs. @ $4.00 per per Ib.) Direct labor (396,900 hrs. @ $14 per hr.) Factory overhead (396,900 hrs. @ $18 per hr.) Total standard cost 5,556,600 7,144,200 $ 19,504,800 Actual costs incurred during the current quarter follow. Direct materials (1,686,000 Ibs. @ $5.10 per lb.) Direct labor (393,900 hrs. @ $12.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 8,598,600 4,726,800 3,380,000 3, 164,200 $19,869,600 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 $ 0 $ 0 $ 0 0 2. Compute the direct labor cost variance, including its rate and efficiency variances. Actual Cost Standard Cost $ 0 $ 0 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