Calculate the materials quantity variance and the material purchase price variance for the period.

Old Stone Mill Company management is analyzing the company's standard cost variances for direct materials for the most recent period. The following information was available from company records. Static Budget Output of finished goods 20,000 units Actual Output of finished goods 22,000 units Actual quantity of materials used 48,000 pounds Standard quantity of materials 2 pounds per finished unit of output Actual price paid for materials $4 per pound Standard price paid for materials $6 per pound There were no increases or decreases in inventories during the period. Required: Calculate the materials quantity variance and the material purchase price variance for the period