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. 63 per lb. Plastic 12 oz. $1.00 per lb. Rubber 4 oz. 88 per Ib. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours = $3.48 The January figures for purchasing, production, and labor are: The company purchased 225,800 pounds of raw materials in January at a cost of 77 a pound. Production used 225,800 pounds of raw materials to make 114,000 units in January. Direct labor spent 18 minutes on each product at a cost of $6.80 per hour. Overhead costs for January totaled $27,886 variable and $76,000 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 O decimal places, e.g. 125.) Materials price variance $ e Textbook and Media 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 e Textbook and Media Your answer is partially correct. What is the total materials variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to decimal places, e.g. 125.) Total materials variance $ Favorable eTextbook and Media