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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. Predetermined overhead rate based on direct labor hours =$4.11 The January figures for purchasing, production, and labor are: The company purchased 225,900 pounds of raw materials in January at a cost of 79/ a pound. Production used 225,900 pounds of raw materials to make 114,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $50,605 variable and $71,000 fixed. Answer the following questions about standard costs. What is the materials price variance? Materials price variance What is the materials quantity variance? Materials quantity variance What is the total materials variance? Total materials variance What is the labor price variance? Labor price variance What is the labor quantity variance? Labor quantity variance What is the total labor variance? Total labor variance What is the total overhead variance? Total overhead variance