Materials Variances Lata Inc., produces aluminum cans. Production of 14-ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of April, 298,000 cans were produced using 1,252,000 ounces of aluminum. The actual cost of aluminum was $0.11 per ounce and the standard price was $0.01 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Materials Price Variance Material Usage Variance Favorable Unfavorable