Hanson Inc. has the following direct material standard to manufacture one Zippy: 1.5 pounds per Zippy at $4.00 per pound. Last week 2,800 pounds of material were purchased at the total cost of $10,920, and 1,700 pounds were used to make 1,000 Zippies.

What is the actual price per pound paid for the material?

Calculate Hanson's direct-material price variance (MPV) for the week.

What is Hanson's direct-material quantity variance (MQV) for the week?