C. Standard Costs Case 1 Material Price and Quantity Variance Presented below are standard cost data for the production of heating unit control boxes: Treated steel 3.5 sq ft @ $0.45 per sq ft Control Units 1 each @ $6.25 each Copper wire 100 ft @ $0.04 per ft During the period 8,000 control units were manufactured and the following materials were used: Treated steel Control Units Copper wire 26,200 sq ft @ $0.48 per sq ft 8.160 units @ $6.15 each 844,000 ft @ $0.045 per ft Required: Compute the material price and quantity variances for each of the raw materials used in the production of heating control units