P3-1. The following standards have been established for a raw material used to make product N04: The following data pertain to a recent month's operations: Instructions: a. What was the material price variance for the month? i. Indicate whether the price variances is favorable (F) or unfavorable (U). ii. Explain possible causes of the variances. b. What was the material quantity variance for the month? i. Indicate whether the quantity variances is favorable (F) or unfavorable (U). ii. Explain possible causes of the variances