1. what is the materials price variance? 2. what is the materials quantity variance? 3. what is the total materials variance? 4.what is the labor price variance? 5. what is the labor quantity variance? 6. what is the total labor variance? 7. what is the total overhead variance?

PLEASE SOLVE 7 QUESTIONS IN REFERENCE TO PICTURE ABOVE.

PRINTER VERSION | | BACK NEXT Question 4 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 Cost Item Metal Plastic Rubber Per unit 1 lb 12 oz. 4 oz 634 per lb. $1.00 per lb. 884 per Ib Direct labor Per unit 15 min Cost Item Labor Predetermined overhead rate based on direct labor hours-$4.28 The January figures for purchasing, production, and labor are: The compan Production used 229,000 pounds of raw materials to make 115,500 units in January. Direct labor spent 18 minutes on each product at a cost of $7.80 per hour. Overhead costs for January totaled $54,673 variable and $73,800 fixed. Answer the following questions about standard costs. $8.00 per hr uary at a cost of 78 a pound y purchased 229,000 pounds of raw materials in Jan