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. Plastic 12 oz. 63 per lb. $1.00 per Ib. 88 per lb. Rubber 4 oz. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $3.84 The January figures for purchasing, production, and labor are: The company purchased 230,000 pounds of raw materials in January at a cost of 79 a pound. Production used 230,000 pounds of raw materials to make 116,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $45,089 variable and $71,000 fixed. Answer the following questions about standard costs. 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 $ Favorable e Textbook and Media 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 What is the total materials variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Total materials variance $ Favorable e Textbook and Media 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 0 decimal places, e.g. 125.) Labor price variance $ Favorable 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 $ Unfavorable e Textbook and Media Your answer is partially correct. 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 $ 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