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 total overhead variance

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 1 lb. 63 per lb. Plastic 12 oz. $1.00 per lb. Rubber 4 oz 884 per lb. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours = $4.76 The January figures for purchasing, production, and labor are: The company purchased 235,800 pounds of raw materials in January at a cost of 78 a pound. Production used 235,800 pounds of raw materials to make 119,000 units in January Direct labor spent 18 minutes on each product at a cost of $6.80 per hour. Overhead costs{for January totaled $72,665 variable and $74,000 fixed. Answer the following questions about standard costs