eBook Materials Variances, Journal Entries Esteban Products produces instructional aids including white boards, which use colored markers instead of chalk. These are particularly popular for conference rooms in educational institutions and executive offices of large corporations. The standard cost of materials for this product is 16 pounds at $8.25 per pound. During the first month of the year, 3,260 boards were produced. Information concerning actual costs and usage of materials follows: Materials purchased 38,000 lbs $8.35 37,500 lbs Materials used Required: 1. Compute the materials price and usage variances. If required, round your final answers to the nearest cent. Materials price variance Select Select Materials usage variance