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 6,400 units of product were as follows: Standard Costs Direct materials Direct labor Factory overhead 8,300 lb. at $5.30 1,600 hrs. at $16.10 Rates per direct labor hr., based on 100% of normal capacity of 1,670 direct Actual Costs 8,200 lb. at $5.10 1,640 hrs. at $16.30 labor hrs.: Variable cost, $4.80 $7,600 variable cost Fixed cost, $7.60 $12,692 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. Direct materials price variance Direct materials quantity variance X Favorable X Favorable Total direct materials cost variance X Favorable