Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not…

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 Per unit Cost 63g per lb. $1.00 per lb. 88d per lb. 1 lb. Metal Plastic Rubber 12 oz. 4 oz Direct labor Cost Per unit Item Labor Predetermined overhead rate based on direct labor hours- $4.22 15 min $8.00 per hr The January figures for purchasing, production, and labor are The company purchased 235800 pounds of raw materials in January at a cost of 77t a pound. Production used 235800 pounds of raw materials to make 119000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.80 per hour Overhead costs for January totaled $53651 variable and $77000 fixed. Answer the following questions about standard costs. What is the materials price variance? (Round per unit calculations to 2 decimal places, es 1.25 and final answer to O decimal places, eg. 125) Materials price variance 46700 Favorable e Textbook and Media Your answer is partially correct. What is thematerials quantity variance? (Round per unit calculations to 2 decimal places, eg. 1.25 and final answer to 0 decimal places, eg. 125) $ Materials quantity variance 7074 Favorable eTextbook and Media Your answer is partially correct 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.g. 125.) Total materials variance $ 1760 Favorable eTextbook and Media Your answer is incorrect. what is the labor price variance? (Round per unit calculations to 2 decimal places,_125 and final answer to 0 decimal places eg 125 $ Labor price variance Favorable What is the labor quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, eg. 125.) $ Labor quantity variance 46700Unfavorable eTextbook and Media Your answer is partially correct. What is the total labor variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Total labor variance $ Unfavorable eTextbook and Media Your answer is partially correct. What is the total overhead variance? Round per unit calculations to 2 deamal places, eg 125 and n er to O dec mal p aces eg25 ans $ Total overhead variance Unfavorable