Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Eastern Polymers, 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 4,800 units of product were as follows: Standard Costs Actual Costs Direct materials 6,200 lbs. at $5.8 6,100 lbs. at $5.6 1,230 hrs. at $16.5 Direct labor 1,200 hrs. at $16.1 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 1,250 direct labor hrs.: Variable cost, $3.2 $3,800 variable cost Fixed cost, $5.1 $6,375 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. Price variance Favorable Quantity variance Favorable Total direct materials cost variance $ Favorable 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. Rate variance Unfavorable Time variance Unfavorable Total direct labor cost variance Unfavorable c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, c. Determine variable factory overhead controllable variance, the 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 Favorable Fixed factory overhead volume variance Unfavorable Total factory overhead cost variance $ Unfavorable