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 5,200 units of product were as follows: Standard Costs Actual Costs 6,800 lb. at $5.70 1,300 hrs. at $18.70 1,330 hrs. at $19.10 Rates per direct labor hr, based on 100% of normal capacity of 1,360 direct labor hrs.: Direct materials Direct labor Factory overhead 6,700 lb. at $5.60 Variable cost, $3.60 $4,630 variable cost $7,752 fixed cost Fixed cost, $5.70 Each unit requires 0.25 hour of direct labor. . Raw materials, finished goods, cost Ul c. Work in process, finished goods, raw materials, cost of goods suiu d. Cost of goods sold, raw materials, work in process, finished goods. - 10. The four steps necessary to determine the cost of goods completed and the ending inventory valuation in a process cost system are: 1. allocate costs to transferred and partially completed units 2. determine the units to be assigned costs 3. determine the cost per equivalent unit 4. calculate equivalent units of production 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 5,200 units of product were as follows: Standard Costs Actual Costs 6,800 lb. at $5.70 1,300 hrs. at $18.70 1,330 hrs. at $19.10 Rates per direct labor hr, based on 100% of normal capacity of 1,360 direct labor hrs.: Direct materials Direct labor Factory overhead 6,700 lb. at $5.60 Variable cost, $3.60 $4,630 variable cost $7,752 fixed cost Fixed cost, $5.70 Each unit requires 0.25 hour of direct labor. . Raw materials, finished goods, cost Ul c. Work in process, finished goods, raw materials, cost of goods suiu d. Cost of goods sold, raw materials, work in process, finished goods. - 10. The four steps necessary to determine the cost of goods completed and the ending inventory valuation in a process cost system are: 1. allocate costs to transferred and partially completed units 2. determine the units to be assigned costs 3. determine the cost per equivalent unit 4. calculate equivalent units of production