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 70,000 units of product were as follows: Standard Costs Actual Costs Direct materials 189,000 lbs. at $4.90 187,100 lbs. at $4.80 Direct labor 17,500 hrs. at $17.90 17,900 hrs. at $18.30 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 18,260 direct labor hrs.: Variable cost, $3.10 $53,710 variable cost Fixed cost, $4.90 $89,474 fixed cost 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. Price variance $ Favorable Quantity variance $ Favorable Total direct materials cost variance $ Favorable b. Determine the direct labor rate 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. Rate variance $ 7,160 Unfavorable Time variance $ 7,160 Unfavorable Total direct labor cost variance $ 14,320 Unfavorable c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance $ Favorable Fixed factory overhead volume variance $ 3,724 Unfavorable Total factory overhead cost variance $ 3,184 Unfavorable