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 Direct materials Direct labor 236,800 lbs. at $4.80 Actual Costs 234,400 lbs. at $4.60 Factory overhead 18,500 hrs at $16.60 Rates per direct labor hr, based on 100% of normal 18,930 hrs at $16.90 capacity of 19,310 direct labor hrs: Variable cost, $2.90 Fixed cost, $4.60 $53,110 variable cost $88,826 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 vanance as a positive number Direct Materials Price Variance Direct Materials Quanbty Variance Total Direct Materials Cost Variance Fixed cost, $4.60 $88,826 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price vanance, direct materials quantity variance, and total direct materials cost vanance. Enter a favorable variance as a negative number using a manus sign and an unfavorable variance as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance 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 poutive number Direct Labor Rate Variance Direct Labor Time Variance i Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variare, fixed factory overhead volume vanance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a munus sign and an unfavorable variance as a positive number Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost vanance