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. Plastic Materials Item Per unit Cost Metal 1 lb. 63 per lb. 12 oz $100 per lb. Rubber 4 oz. 88c per lb. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $4.75 The January figures for purchasing production, and labor are: The company purchased 225.900 pounds of raw materials in January at a cost of 780 a pound. Production used 225.900 pounds of raw materials to make 114,000 units in January Direct labor spent 18 minutes on each product at a cost of $7.80 per hour. Overhead costs for January totaled $64,387 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 $ 2. what is the materials quantity variance? 3. what is the total materials variance? 4.what is the labor price variance? 5. what is the labor quantity variance? 6. What is the total labor variance? 7. what is the total overhead variance? PLEASE SOLVE 7 QUESTIONS IN REFERENCE TO PICTURE ABOVE