Item10 Item 10 Item 10 The following standards have been established for a raw material used to make product O84: Standard quantity of the material per unit of output 8.3 meters Standard price of the material $ 19.50 per meter The following data pertain to a recent month's operations: Actual material purchased 4,600 meters Actual cost of material purchased $ 93,840 Actual material used in production 4,300 meters Actual output 620 units of product O84 The direct materials purchases variance is computed when the materials are purchased.

Required: a. What is the materials price variance for the month?

b. What is the materials quantity variance for the month?