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 78,000 units of product were as follows: Actual Costs 193,100 lbs. at $5.50 Direct materials Direct labor Factory overhead Standard Costs 195,000 lbs. at $5.601 19,500 hrs. at $16.70 Rates per direct labor hr... based on 100% of normal 19,950 hrs. at $17.10 capacity of 20,350 direct labor hrs.: Variable cost, $3.50 Fixed cost, $5.50 $67,570 variable cost $111,925 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 number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Favorable Direct Materials Quantity Variance 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