EXERCISE $8-$I$4$ Direct Materials Variances $[$LO$8-4]$

Refer to the data in Exercise $8-13.$ Assume that instead of producing $4,000$ units during the month, the

company produced only $3,000$ units, using $14,750$ pounds of material. $($The rest of the material purchased

remained in raw materials inventory.$)$

Required:

Compute the materials price and quantity variances for the month.