Lotus corporation is manufacturing one product and uses standard cost system to evaluate performance. The manager who is responsible of buying the needed quantity of raw materials was able to buy a cheaper grade of materials (lower quality also) to use production. Which group of variances may result from the action of purchasing department? 13 nswered t of 1 question Select one: a. Unfavorable price variance and unfavorable quantity variance b. Favorable ice variance and favorable quantity variance c. Favorable price variance and zero quantity variance d. Unfavorable quantity variance and favorable price variance