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Direct Materials, Direct Labor, and Factory Overhead Cost Variance AnalysisSantiago 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:Line Item DescriptionStandard CostsActual CostsDirect materials$195,000$ lbs$.$ at $$5\mathrm{.}00$ per lb$\mathrm{.}193,100$ lbs$.$ at $$4\mathrm{.}90$ per lb$.$Direct labor$19,500$ hrs$.$ at $$16\mathrm{.}70$ per hr$\mathrm{.}19,950$ hrs$.$ at $$16\mathrm{.}90$ per hr$.$Factory overheadRates per direct labor hr$.,$ based on $100\%$ of normal capacity of $20,350$ direct labor hrs$.$:$$Factory overhead$$Variable cost$,$ $$4\mathrm{.}80$$$92,660$ variable costFactory overhead$$Fixed cost$,$ $$7\mathrm{.}60$$$154,660$ fixed costEach unit requires $0\mathrm{.}25$ hour of direct labor.Required:a$.$Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Line Item DescriptionAmountVarianceDirect Materials Price Variance$fill in the blank $1$FavorableUnfavorableDirect Materials Quantity Variance$fill in the blank $3$FavorableUnfavorableTotal Direct Materials Cost Variance$fill in the blank $5$FavorableUnfavorableb. $$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.Line Item DescriptionAmountVarianceDirect Labor Rate Variance$fill in the blank $7$FavorableUnfavorableDirect Labor Time Variance$fill in the blank $9$FavorableUnfavorableTotal Direct Labor Cost Variance$fill in the blank $11$FavorableUnfavorablec. $$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.Line Item DescriptionAmountVarianceVariable factory overhead controllable variance$fill in the blank $13$FavorableUnfavorableFixed factory overhead volume variance$fill in the blank $15$FavorableUnfavorableTotal factory overhead cost variance$fill in the blank $17$FavorableUnfavorable

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