Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis

Santiago 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 $78,000$ units of product were as follows:

Standard costs

$\backslash$table$[[,$Standard Costs,Actual Costs$],[$Direct materials,$257,400$ lbs$.$ at $$4\mathrm{.}60$ per lb$.,254,800lbs.$ at $$4\mathrm{.}50$ per Ib$.],[$Direct labor,$19,500hrs.$ at $$18\mathrm{.}10$ per $hr,19,950hrs.$ at $$18\mathrm{.}40$ per $hr$