1 of 1 View Policies Show Attempt History Current Attempt in Progress 3.57/10 Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not "ideal" at this point, but the management is working toward that as a goal. At present, the company uses the following standards. Materials Item Per unit Cost Metal 1b 634 per lb. Plastic 12 oz. $1.00 per lb. Rubber 4 oz 88 per lb. Direct labor Item Per unit Cost Labor 15 min $9.00 per hr Predetermined overhead rate based on direct labor hours $3.84 The January figures for purchasing, production, and labor are: The company purchased 221,800 pounds of raw materials in January at a cost of 78c a pound, Production used 221.800 pounds of raw materials to make 112,000 units in January Question 1 of 1 Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $37,559 variable and $75,000 fixed Answer the following questions about standard costs. 3.57/10 Your answer is partially correct. What is the materials price variance? Round per unit calculations to 2 decimal places, eg 1.25 and final answer to 0 decimal places, s 125) Materials price variance X Your answer is incorrect What is the materials quantity variance? (Round per unit calculations to 2 decimal places. eg. 1.25 and final answer to 0 decimal places 4125) Materials quantity variance * Your answer is incorrect What is the total materials variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places es 125) Total materials variance $ Uvorable Your answer is partially correct What is the labor price variance Round per unit calculations to 2 decimal places, eg 1.25 and final onower to 0 decimal places es 125) Labor price variance MacBook Air Question 1 of 1 3.57/10 1 Your answer is partially correct What is the labor quantity variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final answer to O decimal places, es 125) Labor quantity variance $ Unfavorable Your answer is partially correct What is the total labor variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final ower to 0 decimal places, s 125) Total labor variance Unfavorable CH 24 Waterways Continuing Problem Question 1 of 1 3.57/10 E Your answer is partially correct What is the total labor variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places, eg 125) Total labor variance $ Unfavorable Your answer is partially correct What is the total overhead variance? (Round per unit calculations to 2 decimal places eg 1.25 and final answer to 0 decimal places, eg 125) Total overhead variance $ Save for Later Unfavorable Attempts: unlimited Submit