Predetermined overhead rate based on direct labor hours =$3.84 The January figures for purchasing, production, and labor are: The company purchased 221,800 pounds of raw materials in January at a cost of 78/ a pound. Production used 221,800 pounds of raw materials to make 112,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $37,559 variable and $75,000 fixed. The January figures for purchasing, production, and labor are: The company purchased 221,800 pounds of raw materials in jnuary at a cost of 78 a pound. Production used 221,800 pounds of raw materials to make 112,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $37,559 variable and $75,000 fixed. Answer the following questions about standard costs. What is the labor price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, eg 125.) Labor price variance