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 = $4.28
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.n

Par A – to calculate the following variances, and to indicate whether the variance calculated is favorable or unfavorable. 

(a) What is the materials price variance? 

(b) What is the materials quantity variance? 

(c) What is the total materials variance? 

(d) What is the labor price variance? 

(e) What is the labor quantity variance? 

(f) What is the total labor variance? 

(g) What is the total overhead variance?