Following is the data of a manufacturing concern. From the figures given below, calculate: O Materials Cost Variance Material Price Variance (ii) Material Usage Variance Product A An amount of $4,000 was spent on purchasing the materials. During a particular period 60 tons of output was undertaken. The standard price per unit of materials is $5. The materials required for actual production were 1,000 units. The standard quantity of materials required for producing one ton of output is 20 units. Product B During a particular period 50 tons of output was undertaken. The standard price per unit of materials is $5. The materials required for actual production were 2,000 units. An amount of $6,000 was spent on purchasing the materials. The standard quantity of materials required for producing one ton of output is 20 units