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C 1 Problem 23-3A 4 5 Direct Materials Price Variance 6 Direct Materials Quantity Variance 7 8 Total Direct Materials Cost Variance 9 10 11 Direct Labor Rate Variance 12 Direct Labor (Time) Efficiency Variance 13 14 Total Direct Labor Cost Variane 15 16 Meaty To Accouny H Problem 23-1A Problem 23-3A Problem 23-4A Type here to search D Wrong Wrong Wrong Wrong Wrong Wrong Styles G OBJ. 3, 4 PR 23-3A Direct materials, direct labor, and factory overhead cost variance 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 40,000 units of product were as follows: Standard Costs Actual Costs Direct Materials 120,000 lbs. @ $3.20 118,500 lbs. @ $3.25 11,700 hrs. @ $25.00 Direct Labor 12,000 hrs. @ $24.40 Factory Overhead Rates per direct labor hour, based on 100% of normal capacity of 15,000 direct labor hours. 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. I Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage