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 6,400 units of product were as follows: Standard Costs Actual Costs Direct materials Direct labor Factory overhead 8,200 lb. at 8,300 lb. at $5.10 $4.90 1,640 hrs. at 1,600 hrs. at $17.80 $18.20 Rates per direct labor hr., based on 100% of normal capacity of 1,670 direct labor hrs. $5,860 variable Variable cost, $3.70 cost $9,686 fixed Fixed cost, $5.80 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. Direct materials price variance Incorrect Direct materials quantity variance Favorable Total direct materials cost variance Favorable 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 Unfavorable Direct labor time variance Unfavorable Total direct labor cost variance Unfavorable c. Determine variable factory overhead controllable variance, the 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. Favorable Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance Unfavorable Unfavorable