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 perib. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours - $3.83 The January figures for purchasing, production, and labor are: The company purchased 230,000 pounds of raw materials in January at a cost of 784 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 $6.80 per hour. Overhead costs for January totaled $40,482 variable and $75,000 fixed. a 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 O decimal places, e.g. 125.) Materials price variance $ 46001 Favorable eTextbook and Media Assistance Used Attempts: unlimited (b) What is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.3. 125.) Materials quantity variance eTextbook and Media Save for Later Attempts: unlimited Submit