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The standards for product V28 call for 7.5 pounds of a raw material that costs $18.10 per pound. Last month, 1,400 pounds of the raw material were purchased for $24,990. The actual output of the month was 160 units of product V28. A total of 1,300 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Recall the following formula to answer the questions below: (AQ X AP) - (AQ X SP) + (AQ X SP) - (SQ X SP) NOTE: Input your answer, rounding to the nearest whole dollar followed by a F or U to indicate Favorable/Unfavorable. (Example: A 1,025.40 favorable variance should be entered as 1,025F.) What is the materials price variance for the month? b. What is the materials quantity variance for the month