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 70,000 units of product were as follows: Standard Costs Actual Costs Direct material 217,000 lbs. at $5.50 214,800 lbs at $5.40 Direct labor 17,500 hrs at $16.90 17,900 hrs at $17.10 Factory overhead Rates per direct labore based on 100% of normal capacity of 18,260 direct labor hrs Variable cost, $4,20 $72,770 variable cost Fixed cost $6.60 $120,516 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 varan. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Tots Direct Materials Cost Variance b. Determine the direct labor rote 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 Director at Varian b. Determine the direct laborate variance, direct labor time variance and total direct labor cost variance. Enter a favorable variance as a negative number using a minussion and an unfavorable variance as a positive number Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variance, fed factory overhead volume and, and total factory overhead cost variance. Enter a favorable variance is a negative number using a minus sign and an unfavorable variance as a positive number Variable factory overhead controllable variance Food factory overhead volume variance Total factory overhead cost variance