eBook Calculator 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 6,800 units of product were as follows: Standard Costs Actual Costs Direct materials 8,800 lb. at $5.50 8,700 16. at $5.30 Direct labor 1.700 hrs. at $12.70 1,740 hrs, at $17.90 Factory overhead Rates per direct labor hr. based on 100% of normal capacity of 1,770 direct Labor hrs. Variable cost, $3.50 $5,890 variable cost Fixed cost, $5.50 $9,735 fixed cost Each unit requires 0.25 hour of direct labor. Required: Determine the direct material price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign und an unfavorable variance as a positive number Direct materiais price variance Direct materials quantity variance Total direct materials cost variance b. Determine the direct laborate and direct labor time variance, and total direct labor cost variance enter a favorable variance as a negative number using minus sign and an unfavorable variance as a positive number Direct labor rate variance Durth time are capacity of 1,770 direct tabor hrs. $5,890 variable cost $9,735 fixed cost Variable cost, $3.50 Fixed cost, $5.50 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 Direct materials quantity variance Total direct materials cost variance b. Determine the direct labor rete 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 1 Direct Isbor time variance Total direct labor cost variance c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance Enter a favorable verance as a negative number using a minus sign and an unfavorable variance as a positive number Variable actory overhead controllable variance Factory overhead volume variance Total factory overhead cost variance