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 74,000 units of product were as follows: Actual Costs Standard Costs Direct materials 251,600 lbs. at $5.40 249,100 lbs. at $5.20 Direct labor 18,500 hrs. at $17.30 18,930 hrs. at $17.70 Rates per direct labor hr., Factory overhead based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $4.80 $87,910 variable cost Fixed cost, $7.60 $146,756 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 minus sign and an unfavorable variance as a positive number Direct Materials Price Variance 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 sig 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, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance