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 materials 182,000 ihs. at $5.60 180,200 lbs. at $5,40 Direct labor 17,500 hrs at $18.40 17,900 hrs. at $18.60 Factory overhead Rates per direct labor hr. based on 100% of normal capacity of 18,260 direct labor hrs. Variable cost, $3.20 $55,440 variable cost Fixed cost, $5.10 $93,126 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials proe variance, direct materials quantity variance, and total direct materials coat variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number 36,040 Favorable Direct Materials Price Variance -10,080 Favorable Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance $ -8,062,81 yra direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a 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 3,580 Unfavorable Direct Labor Time Variance 7,360 Unfavorable Total Direct Labor Cost Variance -10,940 Unfavorable c. Determine the variable factory overhead controllable vanance, fixed factory overhead volume vanance, 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 -560 Favorable Fixed factory overhead volume variance Unfavorable Total factory overhead cost variance Unfavorable