No.4 (10 Marks) The following standards have been established for a raw material used to make product 192: . Standard quantity of the material per unit of output ... 4.5 pounds Standard price of the material $13.90 per pound The following data pertain to a recent month's operations: . Actual material purchased Actual cost of material purchased Actual material used in production Actual output 2,000 pounds $26,200 1,300 pounds 220 units of product 192 . . Required: What is the materials price variance for the month? b. What is the materials quantity variance for the month? a