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 ncurred for the manufacture of 4,800 units of product were as follows: Standard Costs Actual Costs Direct materials 6,700 lbs. at $5.00 6,600 lbs. at $4.80 Direct labor 1,200 hrs. at $17.40 1,230 hrs. at $17.60 Factory overhead Rates per direct labor hr. based on 100% of normal capacity of 1,250 direct labor hrs. Variable cost, $4.10 $4,870 variable cost Fixed cost, $6.50 $8,125 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 Select Quantity variance Select Total direct materials cost variance Select 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 Rate variance Select Time variance Select Total direct labor cost variance Select