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 Actual Costs 257,400 lbs. at $5.40 Direct materials 254,800 lbs. at $5.30 Direct labor 19,500 hrs. at $16.70 19,950 hrs. at $17.10 Rates per direct labor hr., Factory overhead based on 100% of normal capacity of 20,350 direct labor hrs. Variable cost, $2.80 $54,050 variable cost Fixed cost, $4.40 $89,540 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 Favorable Direct Material Price Variance $ Direct Materials Quantity Variance Favorable Favorable Total Direct Materials Cost Variance 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 positive number. Direct Material Price Variance Favorable $ Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance Favorable 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 positive number. Unfavorable Direct Labor Rate Variance Unfavorable Direct Labor Time Variance Unfavorable Total Direct Labor Cost Variance c. Determine variable factory overhead controllable variance, the 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 Favorable Variable factory overhead controllable variance Unfavorable Fixed factory overhead volume variance Total factory overhead cost variance Unfavorable