1. Materials price variance.

2. Materials quantity variance.

3. total materials variance.

4. Labor price variance.

5. Labor quantity variance.

6. total labor variance.

7. total overhead variance.

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 =$3.84 The January figures for purchasing, production, and labor are: The company purchased 230,000 pounds of raw materials in January at a cost of 79c a pound. Production used 230,000 pounds of raw materials to make 116,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $45,089 variable and $71,000 fixed. Answer the following questions about standard costs