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: Standard Costs Actual Costs Direct materials 214,600 lbs. at $5.40 212,500 lbs. at $5.20 Direct labor 18,500 hrs. at $16.30 18,930 hrs. at $16.70 Factory overhead Rates per direct labor hr, based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $4.20 $76,920 variable cost Fixed cost, $6.60 $127,446 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