Part B (35 Points) The following standards have been established for a raw material used to make product 084: Standard quantity of the material per unit of output Standard price of the material 6.90 meters $ 17.90 per meter The following data pertain to actual operations concerning the product for the last month: Actual material purchased and used Actual cost of material purchased and used $ 3,300 meters 60,885 Actual output 500 units of product 084 There were no beginning inventories of direct materials. Required: 1. Using the template provided below, calculate the materials price variance, materials quantity variance and spending variance for the month in total dollars. Make sure to identify the variances as favorable (F) or unfavorable (U). Actual Quantity of Input, at Actual Price (AQ AP) Actual Quantity of Input, at Standard Price (AQ SP) Standard Quantity Allowed for Output, at Standard Price (SQ SP) Materials price variance, Materials quantity variance, Spending Variance