need help with part 2. (F.Y.I. 121380 is also a wrong answer). Also

3. What is the labor price variance?

4. What is the labor quantity variance?

5. What is total labor variance?

6. 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 80,00per lb. Materials 3 lb Direct labor Item Per unit Cost Labor 15 min $8.00 per hr. Predetermined overhead rate based on direct labor hours $4.22 The January figures for purchasing, production, and labor are: The company purchased 235,000 pounds of raw materials in January at a cost of 77 a pound. Production used 235,200 pounds of raw materials to make 119,000 units in January Direct labor spent 18 minutes on each product at a cost of $7.00 per hour. Overhead costs for January tataled $53,651 variable and $77,000 fixed. a Answer the following questions about standard costs. (a) Your answer is correct. What is the materials price variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final answer to decimal places, eg. 125) Materials price variance $ 7074 Favorable eTextbook and Media Attempts: unlimited (b) Your answer is partially correct What is the materials quantity variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final answer to decimal places eg 125 Materials quantity variance $ 96960 Favorable