Direct Materials, Direct Labor, and Factory Overhead CostVariance Analysis Mackinaw Inc. processes a base chemical intoplastic. Standard costs and actual costs for direct materials,direct labor, and factory overhead incurred for the manufacture of4,800 units of product were as follows: Standard Costs Actual CostsDirect materials 6,200 lb. at $5.00 6,100 lb. at $4.80 Direct labor1,200 hrs. at $17.70 1,230 hrs. at $18.10 Factory overhead Ratesper direct labor hr., based on 100% of normal capacity of 1,250direct labor hrs.: Variable cost, $3.90 $4,630 variable cost Fixedcost, $6.20 $7,750 fixed cost Each unit requires 0.25 hour ofdirect labor. Required: a. Determine the direct materials pricevariance, direct materials quantity variance, and total directmaterials cost variance. Enter a favorable variance as a negativenumber using a minus sign and an unfavorable variance as a positivenumber. Direct materials price variance $ Direct materials quantityvariance Total direct materials cost variance $ b. Determine thedirect labor rate variance, direct labor time variance, and totaldirect labor cost variance. Enter a favorable variance as anegative number using a minus sign and an unfavorable variance as apositive number. Direct labor rate variance $ Direct labor timevariance Total direct labor cost variance $ c. Determine variablefactory overhead controllable variance, the fixed factory overheadvolume variance, and total factory overhead cost variance. Enter afavorable variance as a negative number using a minus sign and anunfavorable variance as a positive number. Variable factoryoverhead controllable variance $ Fixed factory overhead volumevariance Total factory overhead cost variance $