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Direct Materials, Direct Labor, and Factory Overheed Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standart costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Actual Costs Standard Costs 199,800 lbs. at $4.80 18,500 hrs at $16.60 Direct materials Direct labor 197,800 lbs at $4,60 10,930 hrs at $17.00 Factory overhead Rates per direct labor hr based on 100% of normal capacity of 19,310 dret labor r Variatie cost, $4.70 $86,080 variable cost $142.894 fixed cast Fixed cost, $7,40 Each unit requires 0.25 hour of direct labor Required: a. Determine the direct materials pron verlance, direct materials quantny variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable varience as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. Determine the direct labor rate variante, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a manus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance 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 rete variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance i Total Direct Labor Cost Variance c. Determine the variable factory overhead controlable 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 Next Check My Work 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 74,000 units of product were as follows: Actual Costs Direct materials Direct labor Factory overhead Standard Costs 199,800 lbs. at $4.80 18,500 hrs. at $16.60 197,800 lbs. at $4.60 18,930 hrs, at $17.00 Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $4.70 $86,080 variable cost $142,894 fixed cost Fixed cost, $7.40 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 minus sign and an unfavorable variance as a positive number, Direct Labor Rate Variance Next