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 Materials 2 lb. 80.000 per lb. Direct labor Item Per unit Cost Labor 15 min. $9.00 per hr. Predetermined overhead rate based on direct labor hours - $3.62 The January figures for purchasing, production, and labor are: The company purchased 218,200 pounds of raw materials in January at a cost of 78t a pound. Production used 218,200 pounds of raw materials to make 110,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.70 per hour. Overhead costs for January totaled $30,322 variable and $74,000 fixed. Answer the following questions about standard costs. (a) Your answer is correct What is the materials price variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to 0 decimal places, eg. 125.) Materials price variance $ 4364 Favorable Your answer is correct. 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 $ $ 1440 i Favorable eTextbook and Media Attempts: unlimited ) (c) Your answer is correct. What is the total materials variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to decimal places, eg. 125.) Total materials variance $ 5804 i Favorable e Textbook and Media Attempts: unlimited (d) Your answer is correct. What is the labor price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to decimal places, eg. 125.) Labor price variance 9900 i Favorable (e) Your answer is correct What is the labor quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to decimal places, e.g. 125.) Labor quantity variance $ 49500 i Unfavorable eTextbook and Media Attempts: unlimited (f) What is the total labor variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to decimal places, eg. 125.) Total labor variance $ eTextbook and Media Save for Later Attempts: unlimited Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above