Standard Costs Direct labor 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 facto manufacture of 40,000 units of product were as follows: Actual Costs Direct materials 120,000 lbs. at $3.20 per Ib. 118,500 lbs. at $3.25 per lb. 12,000 hrs. at $24.40 per hr. 11,700 hrs. at $25.00 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 15,000 direct labor hrs.: Variable cost, $8.00 $91,200 variable cost Fixed cost, $10.00 $150,000 fixed cost Each unit requires 0.3 hour of direct labor. Required: a. Determine the direct materials price variance, direct materiais quantity variance, and total direct materials cost variance. Ente negative number using a minus sign and an unfavorable variance as a positive number. Direct Materiais 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 varia 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 variance, and total factory overhe favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Check My Work All work saved. Save and Exit Direct materials 120,000 lbs. at $3.20 per lb. 118,500 lbs. at $3.25 per 10. Direct labor 12,000 hrs. at $24.40 per hr. 11,700 hrs. at $25.00 per hr. Factory overhead Rates per direct labor hr. based on 100% of normal capacity of 15,000 direct labor hrs.: Variable cost, $8.00 $91,200 variable cost Fixed cost, $10.00 $150,000 fixed cost Each unit requires 0.3 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 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 neg 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 variance, and total factory overhead cost varia favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance