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.

MaterialsItemPer unitCostMetal1lb.63 per lb.Plastic12oz.$1.00per lb.Rubber4oz.88 per lb.Direct laborItemPer unitCostLabor15min.$8.00per hr.Predetermined overhead rate based on direct labor hours = $4.68

The January figures for purchasing, production, and labor are:

The company purchased231,800pounds of raw materials in January at a cost of78 a pound.Production used231,800pounds of raw materials to make117,000units in January.Direct labor spent18minutes on each product at a cost of $7.70per hour.

Overhead costs for January totaled $71,489variable and $70,000fixed.

Answer the following questions about standard costs.

Partially correct answer icon

What is the materials price variance?(Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.)

Materials price variance$

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$

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$

What is the labor price variance?(Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.)

Labor price variance

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$

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$

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$