Computing materials quantity and price variances. The Chapman Company manufactures a product using a special type of lumber. Each unit of product should require 23 board feet. The standard cost of the lumber is $1.75 per board foot. During January 19X5, 28,260 units of product were manufactured, requiring 71,310 board feet of lumber at a total cost of $122,653.20. Compute the materials quantity variance and the materials price variance for the month. Show whether the variances are favorable or unfavorable.