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 lb. 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 -$4.75 The January figures for purchasing, production, and labor are: The company purchased 225,900 pounds of raw materials in January at a cost of 78 a pound. Production used 225,900 pounds of raw materials to make 114,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.80 per hour. Overhead costs for January totaled $64,387 variable and $76,000 fixed. Answer the following questions about standard costs. Your answer is partially 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 $ SA Favorable Your answer is partially 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 Favorable Your answer is partially correct. 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 $ Favorable Your answer is partially correct. 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 $ Favorable Your answer is partially correct. What is the labor quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Labor quantity variance $ Your answer is partially correct. Unfavorable What is the total labor variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Total labor variance SA $ Unfavorable - Your answer is partially correct. 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 $ Unfavorable