Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Traction Treads Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 10,400 tires were as follows: Standard Costs Actual Costs Direct materials 250,000 lb. at $7.25 252,500 lb. at $7.30 Direct labor 5,200 hrs. at $17.00 5,000 hrs. at $16.70 Factory overhead Rates per direct labor hy based on 100% of normal capacity of 5,000 direct labor hrs. Variable cost, $8.00 Fixed cost, $15.00 $40,000 variable cost $75,000 fixed cost Each tire requires 0.5 hour of direct labor Required: a. Determine the direct materials price variance, direct materials quantity veriance, 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 X Unfavorable. X Unfavorable X Unfavorable Total direct materials cost variance 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 X Favorable X Favorable Total direct labor cost variance X Favorable 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 sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance X Favorable X Favorable. X Favorable.