7 part 1 **Trini Company Standard Costing Analysis**Trini Company has set the following standard costs per unit for its single product:- **Direct Materials (30 pounds @ $5.50 per pound):** $165.00- **Direct Labor (7 hours @ $14 per hour):** $98.00- **Variable Overhead (7 hours @ $6 per hour):** $42.00- **Fixed Overhead (7 hours @ $12 per hour):** $84.00**Total Standard Cost per Unit:** $389.00**Overhead Application:**Overhead is applied using direct labor hours. The standard overhead rate is determined from a predicted activity level of 80% of the company’s capacity of 62,000 units per quarter. **Operating Levels Table:**- Details are provided for operating levels at 70%, 80%, and 90% of capacity. - **Production** varies from 43,400 to 55,800 units. - **Standard Direct Labor Hours (7 DLH/unit)**: Ranges from 303,800 to 390,600 hours. - **Budgeted Overhead (Flexible Budget):** - Fixed Overhead remains constant at $4,166,400. - Variable Overhead ranges from $1,822,800 to $2,343,600.**Current Quarter Operations:**- The company operated at 90% capacity, producing 55,800 units.- Actual direct labor totaled 386,600 hours.- The following standard costs were assigned: - **Direct Materials (1,674,000 pounds @ $5.50 per pound):** $9,207,000 - **Direct Labor (390,600 hours @ $14 per hour):** $5,468,400 - **Overhead (390,600 hours @ $18 per hour):** $7,030,800**Total Standard (Budgeted) Cost:** $21,706,200**Actual Costs for the Quarter:**- **Direct Materials (1,658,000 pounds @ $7.60 per pound):** $12,600,800- **Direct Labor (386,600 hours @ $12.00 per hour):** $4,639,200- **Fixed Overhead:** $3,321,400- **Variable Overhead:** $3,109 **Educational Website Explanation:**### Title: Calculating Direct Materials Variance**Instructions:**Compute the direct materials variance, including its price and quantity variances. Indicate whether each variance is favorable, unfavorable, or shows no variance. Round "Cost per unit" answers to two decimal places.**Sections:**#### 1. **Actual Cost**- **Calculation:** - Actual quantity x Actual price - Actual quantity x Standard price- **Layout:** - Two yellow-highlighted boxes indicating dollar amounts: both are initially set to $0.#### 2. **Standard Cost**- **Calculation:** - Standard quantity x Standard price- **Layout:** - A single yellow-highlighted box indicating a dollar amount, initially set to $0.**Diagram Explanation:**The table is divided into two main sections under "Actual Cost" and "Standard Cost," with sub-calculations for different quantities and prices. Each calculation line has a space for dollar values to be input, highlighted in yellow, signifying the areas students should focus on filling out to understand variances effectively.This structure helps in identifying the differences between actual and standard costs by evaluating both price and quantity factors involved in materials management.

Name: 7 part 1 **Trini Company Standard Costing Analysis**Trini Company has
Uploaded: 2024-03-20T06:33:06.000Z
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Description: 7 part 1 **Trini Company Standard Costing Analysis**Trini Company has set the following standard costs per unit for its single product:- **Direct Materials (30 pounds @ $5.50 per pound):** $165.00- **Direct Labor (7 hours @ $14 per hour):** $98.00- *