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 236,800 lbs. at $4.70 Actual Costs Direct materials Direct labor Factory overhead 234,400 lbs. at $4.60 18,500 hrs. at $16.10 18,930 hrs. at $16.40 Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $3.30 $60,440 variable cost Fixed cost, $5.20 $100,412 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 Materials Price Variance Direct Materials Quantity Variance -23,440 V -11,280 Favorable Favorable Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance -11,280 -34,720 V Favorable 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 Direct Labor Time Variance Total Direct Labor Cost Variance 5,679 Unfavorable 6,923 Unfavorable 12,602 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