Question:

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
Metal	1 lb.	63 per lb.
Plastic	12 oz.	$1.00 per lb.
Rubber	4 oz.	88 per lb.
Direct labor
Item	Per unit	Cost
Labor	15 min.	$8.00 per hr.
Predetermined overhead rate based on direct labor hours = $4.28

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

The company purchased 229,000 pounds of raw materials in January at a cost of 78 a pound.

Production used 229,000 pounds of raw materials to make 115,500 units in January.

Direct labor spent 18 minutes on each product at a cost of $7.80 per hour.

Overhead costs for January totaled $54,673 variable and $73,800 fixed.

Answer the following questions about standard costs.

What is the materials quantity variance?

Materials quantity variance ____________$ U/F/N

What is the total materials variance?

Total materials variance ____________$ U/F/N

What is the labor price variance?

Labor price variance ____________$ U/F/N