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 incured for the manufactur of 74,000 units of product were as follows: Direct materials Direct labor Factory overhead Standard Costs 222,000 lbs. at $4.80 18,500 hrs. at $16.30 Rates per direct labor hr, based on 100% of normal Actual Costs 219,800 lbs. at $4.60. 18,930 hrs. at $16.60 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 ance an area number using a minus sign and an unfavorable variance as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance har rate variance, direct laber time variance, and total direct labor cost variance. Enter a favorable variance as a negative number tive number. Previ