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Chapter 21 Problem (worth 28 points) Mackinaw Inc. processes a base chemical into plastic and has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials Direct labor 3 pounds @ $3.20 per pound 18 minutes (or 0.3 hour) @ $24.40 per hour During May, the company incurred the following actual costs to produce 40,000 units: Direct materials 118,500 pounds @ $3.25 per pound Direct labor 11,700 hours @ $25.00 per hour (1) Compute the three direct materials cost variances. For each variance, your response/answer should be three- part: (1) label the type of variance, (2) the dollar amount of the variance (either positive or negative numbers are accepted), and (3) an indication as to whether the variance is favorable (F) or unfavorable (U)