t-player/indechtnd Haunchild bifed5487-12a3-4c18-9113-56ae36b43f/question/0 Question 1 of 1 2.86/10 E 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 Item Metal Plastic Rubber Item Labor Materials Per unit 1lb. Cost 63 per lb. 12 oz. $1.00 per lb. 402 88c per lb. Direct labor Per unit Cost 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours-$4.20 The January figures for purchasing, production, and labor are: The company purchased 217,900 pounds of raw materials in January at a cost of 78e a pound. Production used 217,900 pounds of raw materials to make 110,000 units in January Direct labor spent 18 minutes on each product at a cost of $6.90 per hour. Overhead costs for January totaled $49.532 variable and $71,000 foxed Answer the following questions about standard costs Your answer is correct. What is the materials price variance? (Round per unit calculations to 2 decimal places, eg 1.25 and find aner to decimal places 125) Materials price variance 4358 ii 0 player/index.htmlhaunchid bledf487-12a3-4c18-913-56ae30b49a/question/0 Question 1 of 1 2.86/10 E 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 $ eTextbook and Media 2758 Favorable Your answer is partially correct What is the total materials variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final answer to Odecimal places es 125) Total materials variance S Favorable eTextbook and Media Your answer is partially correct. What is the labor price variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final aner to place 1253 Labor price variance $ Favona sment-player/index.htmlaunchid-bledf457-12a3-4c18-513-56636043/question/0 Question 1 of 1 2.86/10 E What is the labor quantity variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final answer to O decimal places eg. 125) Labor quantity variance $ eTextbook and Media Unfavorable Your answer is partially correct. What is the total labor variance? (Round per unit calculations to 2 decimal places, eg 1.25 and final answer to O decimal place 125) Total labor variance eTextbook and Media $ Untegrate Your answer is partially correct What is the total overhead variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and hot awer dec es 125) Total overhead variance $ Untwork