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.

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 Materials 2 lb. 80.00 per lb. hos Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $3.64 The January figures for purchasing, production, and labor are: The company purchased 217,800 pounds of raw materials in January at a cost of 78 a pound. Production used 217,800 pounds of raw materials to make 110,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $31,160 variable and $74,000 fixed. Answer the following questions about standard costs. What is the materials price variance? Materials price variance 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? In Total labor variance What is the total overhead variance? Total overhead variance