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 to Rubber 88 per lb Direct labor Item Per unit Cost Labor 15 min $7.00 per hr. Predetermined overhead rate based on direct labor hours - $4.58 4 oz The January figures for purchasing production, and labor are: The company purchased 239,900 pounds of raw materials in January at a cost of 79c a pound. Production used 239.900 pounds of raw materials to make 121,000 units in January Plastic 12 oz $1.00 per lb. Rubber 4 oz. 884 per lb. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours = $4.58 The January figures for purchasing, production, and labor are: The company purchased 239,900 pounds of raw materials in January at a cost of 794 a pound. Production used 239,900 pounds of raw materials to make 121,000 units in January Direct labor spent 18 minutes on each product at a cost of $6.80 per hour. Overhead costs for January totaled $68,482 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, eg. 1.25 and final answer to O decimal places, eg. 125.) Materials price variance Unfavorable Favorable Neither favorable nor unfavorable What is the materials quantity variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to decimal places, eg. 125.) Materials quantity variance $ What is the total materials variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places, e.3. 125.) Total materials variance What is the labor price variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to decimal places, eg. 125.) Labor price variance What is the labor quantity variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to O decimal places, eg. 125) Labor quantity variance $ What is the total labor variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to 0 decimal places, eg. 125.) Total labor variance What is the total overhead variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to decimal places, eg. 125) Total overhead variance $