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Green Earth Farming Inc. operates a standard costing system. The standard direct materials cost per unit is 5 pounds of material at $2.50 per pound.

Green Earth Farming Inc. operates a standard costing system. The standard direct materials cost per unit is 5 pounds of material at $2.50 per pound. During the month, 20,000 pounds of material were purchased at a cost of $2.60 per pound. Calculate the direct materials price variance and the direct materials quantity variance.

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