Waterways Continuing Problem 11 a-g 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. 63c per lb. Plastic 12 oz. $1.00 per lb. Rubber 88c per lb. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours $4.28 4 oz. The January figures for purchasing, production, and labor are: The company purchased 229,000 pounds of raw materials in January at a cost of 78 a pound. Production used 229,000 pounds of raw materials to make 115,500 units in January. Direct labor spent 18 minutes on each product at a cost of $7.80 per hour. Overhead costs for January totaled $54,673 variable and $73,800 fixed. Answer the following questions about standard costs. Your answer is correct. What is the materials price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Materials price variance se favorable SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. What is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to o decimal places, e.g. 125.) Materials quantity variance 1600 Favorable SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. What is the total materials variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to o decimal places, e.g. 125.) 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 0 decimal places, e.g. 125.) Labor quantity variance 46200 Unfavorable SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. What is the total labor variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total labor variance 392701 Unfavorable SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. What is the total overhead variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total overhead variance 53130 Unfavorable Click if you would like to Show Work for this question: Open Show Work