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3:45 1 v2.cengagenow.com Chapter 23 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 78,000 units of product were as follows: Standard Costs Actual Costs Direct materials 218,400 lbs. at $5.10 216,200 lbs. at $5.00 Direct labor 19,500 hrs. at $16.70 19,950 hrs. at $16.90 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $3.20 $61,780 variable cost Fixed cost, $5.10 $103,785 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 21,620 X Favorable V Direct Materials Quantity Variance 11,220 X Favorable v Total Direct Materials Cost Variance 32,840 X Favorable V 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. Direct Labor Rate Variance 3,990 Unfavorable v Direct Labor Time Variance 7,515 Unfavorable v Total Direct Labor Cost Variance 11,505 Unfavorable v c. Determine the variable factory overhead controllable variance, 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 -2,060 X Favorable V Fixed factory overhead volume variance 4,335 V Unfavorable v Total factory overhead cost variance 3,715 Unfavorable v Feedback Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). The variable factory overhead controllable variance is the difference between the actual variable overhead costs and the budgeted variable overhead for actual production. The fixed factory overhead volume variance is the difference between the budgeted fixed overhead at 100% of normal capacity and the standard fixed overhead for the actual units produced. + 2