Business Accounting (BAAB1014) May 2023 Final Examination Question 4 CONFIDENTIAL The following standards have been established for a raw material used in the production of product X3: Standard quantity of the material per unit of output Standard price of the material 2.3 liters RM 19.00 per liter The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production Actual output 5,100 liters RM 100,725 4,700 liters 2,040 units of product X3 Required: a) Compute the material price variance for the month. (5 marks) b) Compute the material quantity variance for the month. (5 marks) [Total: 10 Marks] ***END OF QUESTION PAPER***