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. Predetermined overhead rate based on direct labor hours =$4.24 The January figures for purchasing, production, and labor are: The company purchased 228,200 pounds of raw materials in January at a cost of 79 a pound. Production used 228,200 pounds of raw materials to make 115,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Roverhead costs for January totaled $54,597 variable and $72,000 fixed. What is the materials price variance? (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 $ eTextbook and Media 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.g. 125.) Materials quantity variance $ eTextbook and Media