1.The following materials standards have been established for a particular raw material used in the company's sole product:

Standard quantity per unit of output ..........0.1 kg

Standard price ............................................$18.20 per kg

The following data pertain to operations for the last month:

Actual materials purchased .......................5,700 kgs

Actual cost of materials purchased ............$100,320

Actual materials used in production ..........5,600 kgs

Actual output .............................................55,800 units

Calculate the Material Price and Quantity Variance. Explain your answer