View Policies Show Attempt History Current Attempt in Progress 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. Item Metal re to search Plastic Rubber Item Labor Materials Per unit 1 lb. (a) 12 oz. 402. Younde Direct labor Per unit 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours - $4.56 Cost The January figures for purchasing, production, and labor are: The company purchased 215,900 pounds of raw materials in January at a cost of 78¢ a pound. Production used 215,900 pounds of raw materials to make 109,000 units in January. 634 per lb. $1.00 per lb. 88€ per lb. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $54,517 variable and $75,000 fixed. Cost Answer the following questions about standard costs O i eTextbook and Media (d) What is the labor price variance? (Round per unit calculations to 2 decimal places, es. 1.25 and final answer to a decimal places, e.g. 125.) Labor price variance $ Save for Later Attempts: 1 of 2 used M Attempts: 0 of 2 used (e) The parts of this question must be completed in order. This part will be available when you complete the part above. (f) The parts of this question must be completed in order. This part will be available when you complete the part above, Submit Answer