Answer the following questions about standard costs.

(a) What is the materials price variance?

(b) What is the materials quantity variance?

(c) What is the total materials variance?

(d) What is the labor price variance?

(e) What is the labor quantity variance?

(f) What is the total labor variance?

(g) Evaluate the variances for this company for January. What do these variances suggest to management?

a part is not 178678

Waterways Continuing Problem 11 a-g (Part Level Submission) 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. Plastic 12 oz. 63 per lb. $1.00 per lb. 884 per lb. Rubber 4 oz. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours = $4.20 The January figures for purchasing, production, and labor are: The company purchased 217,900 pounds of raw materials in January at a cost of 78 a pound. Production used 217,900 pounds of raw materials to make 110,000 units in January. Direct labor spent 18 minutes on each product at a cost of $6.90 per hour. Overhead costs for January totaled $49,532 variable and $71,000 fixed. Answer the following questions about standard costs