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 231,000 lbs, at $5.40 228,700 lbs. at $5.30 Direct labor 17,500 hrs. at $17.80 17.900 hrs. at $18.10 Factory overhead Rates per direct labor hr based on 100% of normal capacity of 18,260 direct labor hrs. Variable cost, 54.60 $19,700 variable cost Fixed cost, $7.30 $133,298 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct monterinis price variance, direct materials quantity variance, and total direct materiale colt variance Enter a favorable variance as a neutive number utang minus sign and an unfavorable variance as a positive number Direct Material Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. Determine the direct labor rate variance, direct laborime variance, and total direct labor cost variance. Enter a favorable variance as a negative number ning mission and an unfavorable variance as a positive number