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: Required: a. What is the materials price variance for the month? b. What is the materials quantity varance for the month? Instructions: a. What was the material piece variance for the month? i. Indicate whether each of the varrances is favorable (F) or unfavorable (U) ii. Explain possible causes of the variances. b. What was the material quantity variance for the month? 1. Indicate whether each of the variances is favorable (F) or unfavorable (U). ii. Explain possible causes of the variances