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

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