IV. Rocky Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Direct materials 3.5 grams $ 1.00 per gram Direct labor 0.7 hours $ 11.00 per hour + The company reported the following results concerning this product in July. Rate Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours Purchases of raw materials 12,100 grams Actual price of raw materials purchased $ 1.20 per gram Actual direct labor rate S 11.40 per hour The direct materials purchases variance is computed when the materials are purchased. Answer both questions 1 and 2 below. 1. The materials price variance for July is: 2. The materials quantity variance for July is: A) $2,100 U A) $870 U B) $2,420 F B) $1,044 U C) $2,100 F C) $870 F D) $2,420 U D) $1,044 F For this problem, show your work using the standard cost variance analysis report-fill it in below to show all the calculations used to find the answers for #1 and #2 above: AQ x AP AQ x SP SQ X SP