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. 634 per lb. Plastic 12 oz. $1.00 per lb. Rubber 4 oz. 880 per lb. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $4.06 The January figures for purchasing, production, and labor are: The company purchased 232,000 pounds of raw materials in January at a cost of 79 a pound. Production used 232,000 pounds of raw materials to make 117,000 units in January Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $50,462 variable and $73,000 fixed. Answer the following questions about standard costs. Your answer is partially correct. 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 Favorable Your answer is correct What is the materials quantity variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places, eg. 125.) Materials quantity variance 1,600 i Favorable Your answer is partially correct. What is the total materials variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places, eg. 125.) Total materials variance $ Favorable Your answer is partially correct. What is the labor price variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to 0 decimal places, eg. 125.) Labor price variance $ Favorable Your answer is partially correct What is the labor quantity variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to 0 decimal places, e.g. 125.) Labor quantity variance $ Unfavorable Your answer is partially correct. What is the total labor variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to decimal places, eg. 125.) Total labor variance $ Unfavorable Your answer is partially correct. What is the total overhead variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places, eg. 125.) Total overhead variance $ $ Unfavorable