00 Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Direct materials Direct labor Factory overhead 4 Standard Costs 175,000 lbs. at $5.10 17,500 hrs. at $18.50 Actual Costs 173,300 lbs. at $5.00 17,900 hrs. at $18.70 Rates per direct labor he based on 100% of normal capacity of 18,260 direct labor hrs. Variable cost, $4.60 $79,700 variable cost Fixed cost. $7.30 $133,298 fixed cost Each unit requires 0,25 hour of direct labor Required: a. Determine the direct materials prios variance, direct materials quantity variance, and total direct materials cost variance Enter a favorable vanae as a negative number using a minus sign and an unfavorable variance as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance Fixed cost, $7.30 $133,298 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a min sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance Previous