ACC 102 Project #5 Waterways Continuing Problem 11 a-g (Part Level Submission) Waterways Continuing Problem 11 a-g (Part Level Submission) 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 Item Per unit Cost Review Score Review Results by Study Objective Metal 1 lb. Plastic 12 oz. 63 per lb. $1.00 per lb. 88 per lb. Rubber 4 oz. Direct labor Item Per unit Cost Labor 15 min. $7.00 per hr. Predetermined overhead rate based on direct labor hours $3.59 = The January figures for purchasing, production, and labor are: The company purchased 226,100 pounds of raw materials in January at a cost of 78 a pound. Production used 226,100 pounds of raw materials to make 114,000 units in January. Direct labor spent 18 minutes on each product at a cost of $6.90 per hour. Overhead costs for January totaled $33,112 variable and $74,000 fixed. Answer the following questions about standard costs. ASSIGNMENT RESOURCES Answer the following questions about standard costs. ACC 102 Project #5 Waterways Continuing Problem 11 a-g (Part Level Submission) (a) 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 Review Score Review Results by Study Objective $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 0 of 15 used SAVE FOR LATER SUBMIT ANSWER (b)