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 Ib. 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 $4.58 The January figures for purchasing, production, and labor are: The company purchased 239,900 pounds of raw materials in January at a cost of 79 a pound. Production used 239,900 pounds of raw materials to make 121,000 units in January. Direct labor spent 18 minutes on each product at a cost of $6.80 per hour. Overhead costs for January totaled $68,482 variable and $75,000 fixed. Answer the following questions about standard costs. (a) Your answer is partially correct. Try again. What is the materials price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Materials price variance 1600 Favorable Click if you would like to Show Work for this question: Open Show Work Answer the following questions about standard costs. (a) What is the materials price variance? (b) What is the materials quantity variance? (c) What is the total materials variance? (d) What is the labor price variance? (e) What is the labor quantity variance? (f) What is the total labor variance? (g) Evaluate the variances for this company for January. What do these variances suggest to management