Required information 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. $4.80 per 1b.) Direct labor (6 hrs. e $14 per hr.) Factory overhead-variable (6 hrs.e $7 per hr.) Factory overhead-fixed (6 hrs. e $12 per hr.) $144.00 84.00 42.00 72.00 Total standard cost $342.00 The predetermined overhead rate is based on a planned operating volume of 80 % of the productive capacity of 66,000 units per quarter. The following flexible budget informations available. Operating Levels 70% 90% 80% Production in units Standard direct 1abor hours Budgeted overhead Fixed factory overhead Variable factory overhead 46,200 277,200 52,800 316,800 59,400 356,400 $3,801,600 $3,801,600 $3,801,600 $1,940,400 $2,217,600 $2,494.800 During the current quarter, the company operated at 90 % of capacity and produced 59,400 units of product; actual direct labor totaled 303,800 hours. Units produced were assigned the following standard costs. Direct materials (1,782,000 Ibs. e $4.80 per Ib.) Direct labor (356,400 hrs. $14 per hr.) Factory overhead (356,400 hrs.e $19 per hr. 8,553,600 4,989,600 6,771,600 Total standard cost $20,314,800 Actual costs incurred during the current quarter follow Direct materials (1,522,000 Ibs. e $7.30 per lb.) Direct labor (303,800 hrs. e $13. 10 per hr.) Fixed factory overhead costs $11,110,600 3,979,780 2,336,900 Variable factory overhead costs 2,637,700 $20,064,980 Total actual costs Required: 1. Compute the direct materials cost variance, including its price and quantity variances. AQ Actual Quantity SQ-Standard Quantity AP Actual Price SP- Standard Price Required information Actual Cost Standard Cost AQ AP AQ SP SQ SP 0 0 2. Compute the direct labor cost variance, including its rate and efficiency variances. AH-Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate Required information 2. Compute the direct labor cost variance, including its rate and efficiency variances. AH-Actual Hours SH=Standard Hours AR Actual Rate SR Standard Rate Actual Cost Standard Cost S 0 S 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