Old Stone Company management is analyzing the companys standard cost variances for direct materials for the most recent period. The following information was available from company records.

Actual quantity of materials used	48,000 units
Budgeted quantity of materials used	44,000 units
Actual price paid for materials	$4 per unit
Budgeted price paid for materials	$6 per unit

Calculate both the materials price variance and the materials quantity variance for the period. Dont forget to indicate whether the variances are favorable or Unfavorable.