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 per lb. Direct labor Item Per unit Cost Labor 15 min. $9.00 per hr. Predetermined overhead rate based on direct labor hours = $3.84 The January figures for purchasing, production, and labor are: The company purchased 221,800 pounds of raw materials in January at a cost of 784 a pound. Production used 221,800 pounds of raw materials to make 112,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $37,559 variable and $75,000 fixed. Answer the following questions about standard costs. Your answer is correct. What is the materials price variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to 0 decimal places, e.g. 125.) Materials price variance $ 4436 Favorable e Textbook and Media Attempts: unlimited (b) Your answer is partially correct. 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, eg. 125.) Materials quantity variance $ Favorable