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: Actual Costs Standard Costs 6,700 lb. at $5.60 6,800 lb. at $5.70 1,300 hrs. at $18.70 Rates per direct labor hr, based on 100% of normal capacity of 1,360 direct labor hrs. Direct materials Direct labor Factory overhead 1,330 hrs. at $19.10 $4,630 variable cost Variable cost, $3.60 $7 52 fixed cost Fixed cost, $5.70 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. X Favorable Direct materials price variance Favorable v X Direct materials auantitv variance connect