Actual Costs 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 40,000 units of product were as follows: Standard Costs Direct materials 120,000 lbs. at $3.20 per Ib. 118,500 lbs, at $3.25 per lb. Direct labor 12,000 hrs. at $24.40 per hr. 11,700 hrs. at $25.00 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 15,000 direct labor hrs. $91,200 variable cost Variable cost, $8.00 Fixed cost, $10.00 Each unit requires 0.3 hour of direct labor $150.000 fixed cost Required: a. Determine the direct materials price variance, direct materials quantity variance and total direct materials cost center a favorable 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