Please calculate

- Materials Price Variance

- Material Quanity Variance

ES Waterways Continuing Problem 11 a-g (Part Level Submission) Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficier goal. At present, the company uses the following standards. y Materials Item Per unit Cost Metal 1 lb. 63 per lb. Plastic 12 oz. $1.00 per lb. Rubber 884 per lb. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $4.06 4 oz The January figures for purchasing, production, and labor are: The company purchased 232,000 pounds of raw materials in January at a cost of 794 a pound. Production used 232,000 pounds of raw materials to make 117,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $50,462 variable and $73,000 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 Materials price variance 4640|||Favorable Click if you would like to Show Work for this question: Open Show Work