Waterways Continuing Problem 11 a-g (Part Level Submission) 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. Plastic 12 oz. 63 per lb. $1.00 per lb. 88 per lb. Rubber 4 oz. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours = $3.83 The January figures for purchasing, production, and labor are: The company purchased 230,000 pounds of raw materials in January at a cost of 78 a pound. Production used 230,000 pounds of raw materials to make 116,000 units in January. Direct labor spent 18 minutes on each product at a cost of $6.80 per hour. Overhead costs for January totaled $40,482 variable and $75,000 fixed. Answer the following questions about standard costs. (d) Your answer is partially correct. Try again What is the labor price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Labor price variance 33640 Favorable Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 3 of 15 used SAVE FOR LATER SUBMIT ANSWER (e) The parts of this question must be completed in order. This part will be available when you complete the part above. (1) The parts of this question must be completed in order. This part will be available when you complete the part above