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 74,000 units of product were as follows: Standard Costs Actual Costs Direct materials 249,100 lbs. at $5.90 18,930 hrs. at $17.10 Direct labor Factory overhead 251,600 lbs. at $6.00 18,500 hrs. at $16.70 Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs. Variable cost, $3.70 Fixed cost, $5.80 Each unit requires 0.25 hour of direct labor. $67,770 variable cost $111,998 fixed cost 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 Favorable Direct Materials Price Variance Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance Favorable 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 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. Direct Labor Rate Variance Unfavorable Direct Labor Time Variance Unfavorable Total Direct Labor Cost Variance Unfavorable 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. Favorable Variable factory overhead controllable variance Unfavorable Fixed factory overhead volume variance Unfavorable Total factory overhead cost variance