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: Actual Costs Direct materials Direct labor Factory overhead Standard Costs 217,000 lbs. at $4.60 17,500 hrs. at $18.60 Rates per direct labor hr., based on 100% of normal 214,800 lbs. at $4.50 17,900 hrs. at $18.90 capacity of 18,260 direct labor hrs.: Variable cost, $4.00 $69,300 variable cost Fixed cost, $6.30 $115,038 fixed cost Each unit requires 0.25 hour of direct labor. A Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials co a minus sign and an unfavorable variance as a positive number. Direct Material Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance Favorable Favorable Favorable ter a favorable variance as a negative number using 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