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. 63 per lb. Plastic 12 oz. $1.00 per Ib. 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 = $4.28 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. 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 $ LINK TO TEXT LINK TO TEXT LINK TO TEXT What is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Materials quantity variance $ LINK TO TEXT LINK TO TEXT LINK TO TEXT What is the total materials variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total materials variance $ LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 $ LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 $ LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT