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: Standard Costs Actual Costs Direct materials 257,400 lbs. at $5.40 254,800 lbs. at $5.20 Direct labor 19,500 hrs, at $17.50 19,950 hrs. at $17.90 Factory overhead Rates per direct labor hr based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $4.60 $88,800 variable cost Fixed cost, $7.30 $148,555 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 Material Price Variance -5,096 X Favorable Direct Materials Quantity Variance -1,404 X Favorable Total Direct Materials Cost Variance Favorable -6500X