JIT variances Oklahoma Pneumatic uses a JIT system. The following standards are related to materials A and B. which are used to make one unit of the company's final product Annual Material Standards 3 pounds of Material A $2.50 $7.50 4 pounds of Material B $1.40 13.80 Current Material Standards $21.10 2 pounds of Material A 12.50 $5.00 5 pounds of Mater 340 1700 $22.00 Current material standards differ from the original because of an engineering change made near the end of June. During July, the company produced 1,200 units of its final product and used 4,400 pounds of Material A and 4,000 pounds of Material B. All material is acquired at the standard cost per pound. Calculate the material quantity variance and the engineering change order (ECO) material variance Note: Do not use a negative sign with your answer. Material quantity variance $0 ECO material variance 5.0