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 78,000 units of product were as follows: Standard Costs Actual Costs Direct materials 202,800 lbs. at $5.40 200,800 lbs. at $5.20 19,500 hrs. at $18.20 19,950 hrs. at $18.60 Direct labor Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $4.40 $84,940 variable cost Fixed cost, $7.00 $142,450 fixed cost Each unit requires 0.25 hour of direct labor. Required: Price variance is the difference between the actual and standard prices, multiplied by the actual quantity. 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 Material Price Variance Favorable 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 Vallance, and total factory overhead cost Valance. Enter a favorable Vallance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Favorable Fixed factory overhead volume variance Unfavorable Total factory overhead cost variance Unfavorable