Santiago inc. processes a base cremical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: \begin{tabular}{lll} & \multicolumn{1}{c}{ Standard Costs } & \multicolumn{1}{c}{ Actual Costs } \\ \hline Direct materials & 240,000lbs. at $6.40 per lb. & 237,000lbs. at $6.50perlb. \\ Direct labor & 12,000 hrs. at $24.20 per hr. & 11,500hrs. at $25.00 per hr \\ & Rates per direct labor hr., based on 100% of normal & \\ Factory overhead & capacity of 15,000 direct labor hrs.: & \\ & Variable cost, $2.50 & $32,400 variable cost \\ & Fixed cost, $5.00 & $75,000 fixed cost \end{tabular} Each unit requires 0.3 hour of direct labor. Required: a. Determine the direct materials price variance, direct mater Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance Direct Labor Rate Variance Direct Labor Time Variance Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance