ignore the first one i just want the materials quanitity 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 Materials Per unit Cost 3lb. 80.00 per lb. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours = $3.48 The January figures for purchasing, production, and labor are: The company purchased 225,800 pounds of raw materials in January at a cost of 77 a pound. Production used 225,800 pounds of raw materials to make 114,000 units in January. Direct labor spent 18 minutes on each product at a cost of $6.80 per hour. Overhead costs for January totaled $27,886 variable and $76,000 fixed. Answer the following questions about standard costs. (a) Your answer is partially correct. What is the materials price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Materials price variance $ Favorable eTextbook and Media Save for Later Attempts: unlimited Submit Answer