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1.ABC planned to produce 9,000 units, but actually produced 10,000 units.Each unit has a standard quantity of 5lb of material, and a standard price for

1.ABC planned to produce 9,000 units, but actually produced 10,000 units.Each unit has a standard quantity of 5lb of material, and a standard price for the material of $8 per pound.ABC purchased 55,000lb of material (at $10 per pound) but only used 45,000lb.

a.What is the material quantity variance?

b. What is the material price variance?

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