Please help me to solve this problem Direct materials (1,333,000 lbs. @ $6.20 per lb.)Direct labor (266,000 hrs. @ $12.50 per hr.)Fixed factory overhead costsVariable factory overhead costs.Total actual costsRequired:1. Compute the direct materials cost variance, including its price and quantity variances.2. Compute the direct labor cost variance, including its rate and efficiency variances.3. Compute the overhead controllable and volume variances.Complete this question by entering your answers in the tabs below.Req 3ControllableVarianceReq 1Reg 2Rea 4 VolumeVarianceActual Cost$ 8,264,6003,325,0002,443,0002,287,000$16,319,600< Prev0SCompute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and noplaces.)2 of 2→Next >$Help0Save & ExitSubmitCheck my workStandard Cost 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. @ $4.40 per Ib.)Direct labor (6 hrs. @ $14 per hr.)Factory overhead-Variable (6 hrs. @ $8 per hr.)Factory overhead-Fixed (6 hrs. @ $11 per hr.)Total standard costThe predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 50,000units per quarter. The following flexible budget information is available.Operating LevelsProduction in unitsStandard direct labor hoursBudgeted overheadFixed factory overheadVariable factory overhead$132.0084.0048.0066.00$330.0070%80%35,00040,000210,000 240,000$2,640,000 $2,640,000 $2,640,000$1,680,000 $1,920,000 $2,160,000Direct materials (1,350,000 Ibs. @ $4.40 per Ib.)Direct labor (270,000 hrs. @ $14 per hr.)Factory overhead (270,000 hrs. @ $19 per hr.)Total standard cost90%45,000270,000During the current quarter, the company operated at 90% of capacity and produced 45,000 units of product; actual directlabor totaled 266,000 hours. Units produced were assigned the following standard costs!Actual costs incurred during the current quarter follow.$5,940,0003,780,0005,130,000$14,850,000

Formula: Material Cost Variance Standard Cost - Actual Cost This Material Cost Variance is further…

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Business

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Please help me to solve this problem

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 30P: Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following...

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