Question $1$ of $1$

$\frac{0\mathrm{.}71}{10}$

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.

$\backslash$table$[[$Materials$],[$Item$,$Per unit,Cost$],[$Metal$,1lb.,63!in$ per lb$.],[$Plastic$,12oz.,$$$1$ per lb$.],[$Rubber$,4oz.,88!in$ per lb$.],[$Direct labor,Cost$],[$Item$,$Per unit,$$9\mathrm{.}00$ per hr$.]]$

Predetermined overhead rate based on direct labor hours $=$$$4\mathrm{.}24$

The January figures for purchasing, production, and labor are:

The company purchased $228,200$ pounds of raw materials in January at a cost of $794$ a pound.

$54F$

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Question $1$ of $1$

$\frac{0\mathrm{.}71}{10}$

Predetermined overhead rate based on direct labor hours $=$$$4\mathrm{.}24$

The January figures for purchasing, production, and labor are:

$$e company purchased $228,200$ pounds of raw materials in January at a cost of $794$ a pound.

'roduction used $228,200$ pounds of raw materials to make $115,000$ units in January.

Direct labor spent $18$ minutes on each product at a cost of $$8\mathrm{.}80$ per hour.

Overhead costs for January totaled $$54,597$ variable and $$72,000$ fixed.

Answer the following questions about standard costs.

$($a$)$

$3$

Your answer is partially correct.

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What is the materials nrice variance? $($Round ner unit calculations to $2$ decimal nlaces, eq$,1\mathrm{.}25$ and final answer to $0$ decimal olaces, eq