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. 80.00c per lb. Direct labor Item Per unit Cost Labor 15 min. $9.00 per hr. Predetermined overhead rate based on direct labor hours - $3.62 The January figures for purchasing, production, and labor are: The company purchased 218,200 pounds of raw materials in January at a cost of 78t a pound. Production used 218,200 pounds of raw materials to make 110,000 units in January Direct labor spent 18 minutes on each product at a cost of $8.70 per hour. Overhead costs for January totaled $30,322 variable and $74,000 fixed. Answer the following questions about standard costs. (a) What is the materials price variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to decimal places, eg. 125.) Materials price variance $