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 (b) 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 $ e Textbook and Media Save for Later Attempts: unlimited Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed in order. This part will be available when you complete the part above. (f) The parts of this question must be completed in order. This part will be available when you complete the part above