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 5,200 units of product were as follows: Direct materials Direct labor Factory overhead Standard Costs 6,800 lb. at $5.10 1,300 hrs. at $18.40 Rates per direct labor hr, based on 100% of normal Actual Costs. 6,700 lb. at $4.90 1,330 hrs. at $18.801 capacity of 1,360 direct labor hrs.: Variable cost, $3.30 $4,250 variable cost Fixed cost, $5.20 $7,072 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 variance as a negative rinn and an unfavorable variance as a positive number.