Direct Materials, Direct Labor, and actory overhead cost variance Analysis Eastern Polymers, 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 6,400 units of product were as follows: Standard Costs Actual Costs Direct materials Direct labor Factory overhead 8,300 lbs. at $5.4 1,600 hrs. at $17.3 Rates per direct labor hr., based on 100% of normal capacity of 1,670 direct labor hrs.: 8,200 lbs. at $5.3 1,640 hrs. at $17.7 Variable cost, $3.3 $5,230 variable cost Fixed cost, $5.2 $8,684 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 Price variance Favorable Favorable Favorable Quantity variancee Total direct materials cost variance