Penobscot Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standards for the prime costs of one unit of product: Standard Quantity Standard Price Standard Cost Direct materials 12.0 pounds $14.00/pound 168.00 During April, the company purchased 330,000 pounds of material at a total cost of $4,686,000. Among that 70% would be direct material. The company manufactured 25,000 units of product during April using 302,000 pounds of material, which has 25% of indirect material. Required: a) What is the price and quantity variance for the direct material acquired by the company during April? (4 marks)