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

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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 Metal 63¢ per lb. Plastic $1.00 per lb. Rubber 88¢ per lb. Direct labor Item Cost Labor 15 min. $9.00 per hr. Predetermined overhead rate based on direct labor hours = $3.56 The January figures for purchasing, production, and labor are: The company purchased 218,100 pounds of raw materials in January at a cost of 77¢ a pound. Production used 218,100 pounds of raw materials to make 110,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $29,519 variable and $73,000 fixed. Answer the following questions about standard costs. 1 lb. 12 oz. 4 oz. Per unit What is the materials price variance? Materials price variance What is the materials quantity variance? Materials quantity variance What is the total materials variance? Total materials variance $ What is the labor price variance? Labor price variance What is the labor quantity variance? Labor quantity variance ✪ What is the total labor variance? Total labor variance What is the total overhead variance? 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. Materials Item Per unit Cost Metal 63¢ per lb. Plastic $1.00 per lb. Rubber 88¢ per lb. Direct labor Item Cost Labor 15 min. $9.00 per hr. Predetermined overhead rate based on direct labor hours = $3.56 The January figures for purchasing, production, and labor are: The company purchased 218,100 pounds of raw materials in January at a cost of 77¢ a pound. Production used 218,100 pounds of raw materials to make 110,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $29,519 variable and $73,000 fixed. Answer the following questions about standard costs. 1 lb. 12 oz. 4 oz. Per unit What is the materials price variance? Materials price variance What is the materials quantity variance? Materials quantity variance What is the total materials variance? Total materials variance $ What is the labor price variance? Labor price variance What is the labor quantity variance? Labor quantity variance ✪ What is the total labor variance? Total labor variance What is the total overhead variance? Total overhead variance

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1 Material price variance Standard price per pound Actual price per poundActual quantity purchased T... View the full answer