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Total Variance (widgets) Trico Company uses a standard cost system to control manufacturing costs. It has the following standard unit costs for one of its products: Direct materials: 30 pounds @ $4.40 per pound Direct labor: 6 hours @ $14 per hour Manufacturing overhead (allocated based on direct labor hours): o Variable: 6 hours @ $8 per hour oFixed: 6 hours@ $11 per hour Here is the overhead budget at normal operating capacity: Normal (Static) 40,000 units Production in units Standard labor hours 240,000 hours Variable overhead 1,920,000 2,640,000 Fixed overhead Total overhead $ 4,560,000 Actual production was 45,000 units Actual direct materials used were 1,333,000 pounds at $6.20 per pound. Actual direct labor was of 266,000 hours at $12.50 per hour. Actual variable overhead was $2,287,000, and fixed overhead was $2,443,000. Instructions: In your post, indicate Trico's variances for this production run. Include in your answer these numbers: 1. total materials variance 2. total labor variance 3. overhead controllable variance 4. overhead volume variance 5. total overhead variance (3+4) 6. total production variance (1+2 +5) BE SURE TO INDICATE WHETHER THESE 4 VARIANCES ARE FAVORABLE OR UNFAVORABLE