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 Continuing Problem 11 a-g 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 1 lb Metal 63c er Ib. 12 oz $1.00 per lb 88 per Ib Plastic Rubber 4 oz. Direct labor Per unit Item Cost $7.00 per hr Predetermined overhead rate based on direct labor hours $3.83 15 min Labor The January figures for purchasing, production, and labor are The company purchased 230,0000 pounds of raw materials in January at a cost of 78t 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 varlable and $75,000 fixed Answer the following questions about standard costs what is the materlals price varlance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Materials price variance LINK LINK TO TT LINK TO TEXT 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.g. 125.) Materials quantity varlance LINK TO TEXT LINK TO TEXT LINK TO TEXT What is the total materials variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total materials variance S What is the labor price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Labor price variance LINK TO TEXT LINK TO TEXT LINK OXT What is the labor quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Labor quantity varlance LINK TO T LINK TO TXT LINK TO TEXT What is the total labor variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total labor variance s LINK TO T LINK TO TEXT LINK TO TEXT What is the total overhead variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total overhead variance Open Show Work Click if you would like to Show Work for this
