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At the beginning of the year, ChillerIce estimated that the company would produce 480 portable ice makers during the year (40 per month). Annual fixed

At the beginning of the year, ChillerIce estimated that the company would produce 480 portable ice makers during the year (40 per month). Annual fixed costs were estimated at $600,000 ($50,000 per month), and estimated variable overhead costs were estimated at $500 per unit. The standard cost per unit was set at $3,450: Standard material cost $1,200 Standard labor cost 500 Standard overhead rate per unit 1,750 Total $3,450 During the year, the company experienced stiff competition and ended up producing and selling only 400 ice makers. Total annual budgeted production costs were $1,656,000 and actual production costs were $1,616,400.

Calculate the material price variance and material quantity variance. Show the formula with steps. please

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