Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Madinaw 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 257,400 lbs at $4.90 254,800 4.70 Director 19.500 hrs. at $18.60 19,950hrs. $19.00 Factory overhead Rates per direct labor. based on 100% of normal capacity of 20,350 direct Labor . Variable cost $3.00 557,920 v ost Fred cost $4.70 $95,645 fed cost Each unit requires 0.25 hour of direct labor. Required: y vance, and total de material concerter a favore variance a v berga n anda .. Determine the direct r ice vrac, direct mater orte variance as a positive W Duet Material Price Variance Direct Materials Quantity Variance Total Direct Materials cout Variance . Determine the directorate variance, direct aborte variance and total director cost warance Enter a forte variance as a negative number and an or Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance c. Determine the variable factory overhead contra varan d factory overd r ace, and total factory overhead cost warance Enter a favore variang 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 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 sign 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 minus sign and an unfavorable variance as a positive number and total factory overhead cost variance. Enter a favorable var a negative number using a Variable factory overhead controllable variance Fived factory overhead volume variance Total factory overhead cost variance