322 3 Q.3 The following standards have been established for a raw material used in the production of product O99: Standard quantity of the material per unit of output 2.6 pounds Standard price of the material $14.50 per pound The following data pertain to a recent months operations:

Actual material purchased 7,600 Pounds

Actual cost of material purchased $110,960

Actual material used in production 7,300 Pounds

Actual output 2,800 units of product O99 Required:

a. What is the materials price variance for the month?

b. What is the materials quantity variance for the month?