Kambal Corporation uses a standard cost system and has established the following standards for its primary direct material for product Twinnie.

Standard Quantity Standard Price

Direct Materials 15 pounds Php 3.50 per pound

During July, the company purchased 294,250 pounds of its primary direct material at P 3.30 per pound of the materials purchased, 20% remained in inventory at the end of the month.

Kambal produced 16,500 units of product Twinnie for July.

Required:

Compute for the following:

(a) material price variance =

(b) material quantity variance =