The following standards have been established for a raw material used to make product O84:Standard quantity of the material per unit of output 8.1 metersStandard price of the material $ 19.30 per meterThe following data pertain to a recent month's operations:Actual material purchased 4,400 metersActual cost of material purchased $ 88,880 Actual material used in production 4,100 metersActual output 600 units of product O84The direct materials purchases variance is computed when the materials are purchased. Required:a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?
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