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 w Standard Costs Actual Costs Direct materials 224,000 lbs. at $5.10 221,800 lbs. at $5.00 Direct labor Factory overhead 17,500 hrs. at $16.80 17,900 hrs. at $17.10 Rates per direct labor hr. based on 100% of normal capacity of 18,260 direct labor hrs. Variable cost, $4.60 Foxed cost, $7.30 $79,700 variable cost $133,298 fixed cost Each unit requires 0.25 hour of direct labor Required: a. Determine the direct materials price variance, direct materials quantity varianor, and total direct materials cast variance. Enter a favorable variance sa negative number using a minus sign and an undevable variance as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance Favorable Favorable b. Determine the direct labor rate vananes, direct labor me valent, and total direct labor cost variance Enter a favorate variance as a negative number s positive number Direct Labor Rate Varance Direct Labor Time Variance Check My Work Unfavorable Unfavorable > Cengage NOWv2) Online aching and 1275 ROCKY RD LE RES [REQUIRED] Chapter 23 Homework eBook 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 unfavo variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance Favorable 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 T Unfavorable Unfavorable Unfavorable c. Determine the variable factory overhead contrallahie variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minue and an unfavorable variance as a positive number Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance Favorable Unfavorable Unfavorable Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). The variable factory overhead controllable variance is the difference between the actual variable overhead costs and the budgeted variable overheed for actual production The flat factory overhead volume variance is the difference between the budgeted fixed overhead at 100% of normal capacity and the standard feed overhead for the actual units produced