please explain

Instructionts Egreban Products produces instructonal alds, including white boards, which vse colored markers ingtead of chalk, These are particularly popular for conference roomt in educational ingtitutions and executive offices of large corporations. The standard cost of materials for this product is 11 pounds at $8.95 por pound. During the first month of the yoar, 3,500 bourds wore produced. Information concerning actual costs and usenge of materials follows: Matarials purchased 38,100 lbs. 19$9.05 Materials uned 37,600 lbs. Required: 1. Compute the materits price and usage variances. 2. Prepare joumal eneries on Jan. 31 for all activity relating to materials