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 70,000 units of product were as follows: Standard Costs Actual Costs Direct materials 217,000 lbs. at $5.30 214,800 lbs. at $5.10 Direct labor 17,500 hrs. at $18.50 17,900 hrs. at $18.90 Factory overhead Rates per direct labor hr. based on 100% of normal capacity of 18,260 direct Laborbes: Variable cost, $3.10 $53,710 variable cost Fixed cost, $4.90 $89,474 fixed cost Each unit requires 0.25 hour of direct labor Required: a. Determine the direct materiais 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 Favorable Direct Materials Quantity Variance X 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 a positive number Direct Labor Rate Variance X Unfavorable Direct Labor Time Variance Unfavorable Total Direct Labor Cost Variance X Unfavorable c. Determine the variable factory overhead controllable 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 Favorable Fixed factory overhead volume variance X Unfavorable Total factory overhead cost variance X Unfavorable