View Policies Show Attempt History Current Attempt in Progress 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 1lb. 634 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 $4.56 The January figures for purchasing, production, and labor are: The company purchased 215,900 pounds of raw materials in January at a cost of 78 a pound. Production used 215,900 pounds of raw materials to make 109.000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $54,517 variable and $75,000 fixed. Answer the following questions about standard costs re to search (e) a View Policies Show Attempt History Current Attempt in Progress 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 1lb. 634 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 $4.56 The January figures for purchasing, production, and labor are: The company purchased 215,900 pounds of raw materials in January at a cost of 78 a pound. Production used 215,900 pounds of raw materials to make 109.000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $54,517 variable and $75,000 fixed. Answer the following questions about standard costs re to search (e) a