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

ItemPer unitCost

Metal1 lb.63 per lb.

Plastic12 oz.$1.00 per lb.

Rubber4 oz.88 per lb.

Direct labor

ItemPer unitCost

Labor15 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.

Answer the following questions about standard costs.

What is the materials price variance?

Materials price variance$

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What is the materials quantity variance?

Materials quantity variance$

What is the total materials variance?

Total materials variance$

What is the labor price variance?

Labor price variance$

What is the labor quantity variance?

Labor quantity variance$

What is the total labor variance?

Total labor variance$

What is the total overhead variance?

Total overhead variance$