Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc processes a base chemical into plastie 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 265,200 lbs. at 54.70 262,500 lbs at $4.50 Direct labor 19,500 hrs at $16.10 19.950 MS. 516.50 Factory overhead Rates per direct labore based on 100% of normal capacity of 20,350 direct labor Variable cost, $4.00 $77,220 variable cost Fixed cost $5.30 5128,205 ved cost Each unit requires 0 25 hour of direct labor 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 Vanance 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 Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variance, fored factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minussion and an unfavorable variance as a positive number Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance