BBOOK 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 78,000 units of product were as follows: Standard Costs 226,200 lbs. at $4.60 Actual Costs 223,900 lbs. at $4.40 Direct materials Direct labor 19,500 hrs. at $16.70 19,950 hrs. at $17.00 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 20,350 directi labor hrs.: Variable cost, $4.80 $92,660 variable cost Fixed cost, $7.60 $154,660 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 Material Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance Mutork uses remaining 44,779 X Favorable 10,580 X Favorable 55,359 x Favorable Previous 723