(Solved): WC11 Waterways Corporation uses very stringent standard costs in evaluating its manufacturing effici ...

WC11 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. Direct materials Item materials 2lbs cost 0.80 per lb. direct labor item labor per unit 15 min. cost $8.00 per hr. The January figures for purchasing, production, and labor are: The company purchased 229,000 pounds of raw materials in January at a cost of 78 O/ a pound. Production used 229,000 pounds of raw materials to make 115,500 units in January. Direct labor spent 18 minutes on each product at a cost of $7.80 per hour. Overhead costs for January totaled $54,673 variable and $73,800 fixed. Find and clearly label the following MPV, MQV, TMV, LPV, LQV, TLV, TOHV.