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 materiais direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Standard Costs Actual Costs Direct materials 199,800 lbs. at $5. 20 1 97,000 lbs. at 55.10 Direct labor 18,500 hrs. at $16.80 18,930 hrs. at $17.00 overhead Rates per direct labor hr, based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $4.40 $80,590 variable cost Fixed cost, $7.00 $135,170 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 Direct Material Price Variance Favorable Favorable Direct Materials Quantity Variance 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 a positive number. Direct Labor Rate Variance Unfavorable 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 Unfavorable Total factory overhead cost variance