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. Predetermined overhead rate based on direct labor hours =$3.44 The January figures for purchasing. production, and labor are: The company purchased 235,900 pounds of raw materials in January at a cost of 784 a pound. Production used 235,900 pounds of raw materials to make 119,000 units in January. Direct labor spent 18 minutes on each product at a cost of 56.90 per hour. Overhead conts for January totaled $35,499 variable and $72.000 fixed. Answer the following questions about standard costs. What is the total materials variance? (Round per unit colculations to 2 decimal ploces eg. 1.25 and finol answer to 0 decimal places, es. 1251 Total materials variance eTextbook and Media