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. $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 78 a pound. Production used 221,800 pounds of raw materials to make 112,000 units in January. 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. (a) Your answer is partially correct. Try again. What is the materials price variance? (Round per unit calculations to 2 decimal places, e.g. Materials price variance Favorable