DM variances Bell Inc. manufactures a product that requires five pounds of material. The purchasing agent has an opportunity to purchase the necessary material at a vendor's bankruptcy sale at $1.40 per pound rather than the standard cost of $2.10 per pound. The purchasing agent purchases 240,000 pounds of material on May 31. During the next four months, the company's production and material usage was as follows: Production Quantity Used June 7,200 39,360 pounds July 8,160 42,336 pounds 6,960 35,880 pounds 6,000 31,440 pounds August September Note: Round all of your final answers below to the nearest whole dollar. a. What is the material price variance for this purchase? Note: Do not use a negative sign with your answer. Material price variance $ b. What is the material quantity variance for each month for this material? Note: Do not use a negative sign with your answers. June material quantity variance July material quantity variance $ $ August material quantity variance September material quantity variance $ $ Previous Save Answers Finish attempt