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 Metal Plastic Rubber Per unit 1 lb 12 oz 4 oz Cost 534 per lb. 1.00 per lb. 884 per lb Direct labor Item Labor Predetermined overhead rate based on direct labor hours-4.28 Per unit Cost 15 min. $8.00 per hr The January figures for purchasing, production, and labor are The company purchased 229,000 pounds of raw materials in January at a cost of 78t a pound. Production used 229,000 pounds of raw materlals to make 115,500 units in January. Diret labor spernt 18 minutes on each praduct at a cost of $7.90 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? Materials price variance What is the materials quantity variance? Materials quantity variances What is the tatal materials variance? Total materials variance what is the labor price variance? Labor price varlance