Camps Incorporated has a standard cost system. The standards for direct materials for one of its products specify 4.4 ounces of a particular input per unit of output at a standard cost of $6.40 per ounce. The company has reported the following actual results for the product for May Actual output 2.900 units Raw materials purchased 14,600 ounces Actual cost of raw materials purchased $ 86,140 Raw materials used in production 12.770 ounces Required: a Compute the materials price variance for this input for May. b. Compute the materials quantity variance for this input for May