Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Eastern Polymers, 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 5,600 units of product were as follows: Standard Costs Actual Costs Direct materials Direct labor Factory overhead 7,300 lbs. at $4.9 1,400 hrs. at $18.6 Rates per direct labor hr., based on 100% of normal capacity of 1,460 direct labor hrs.: 7,200 lbs. at $4.7 1,430 hrs. at $18.9 Variable cost, $4.7 $6,510 variable cost Fixed cost, $7.4 $10,804 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 Price variance Quantity variance Total direct materials cost variance