E23-5 XLS Compute materials price and quantity variances (LO 4), AP The standard cost of Product B manufactured by MIT Company includes three units of direct materials at $5.00 per unit. During June, 29,000 units of direct materials are purchased at a cost of $4.70 per unit, and 29,000 units of direct materials are used to produce 9,500 units of Product B Instructions (a) Compute the total materials variance and the price and quantity variances. (b) Repeat (a), assuming the purchase price is $5.15 and the quantity purchased and used is 28,000 units