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The following standards have been established for a raw material used to make product O84:...

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Accounting

The following standards have been established for a raw material used to make product O84:
Standard quantity of the material per unit of output 8.0 meters
Standard price of the material $ 19.20 per meter
The following data pertain to a recent month's operations:
Actual material purchased 4,300 meters
Actual cost of material purchased $ 86,430
Actual material used in production 4,000 meters
Actual output 590 units of product O84
The 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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