Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor- hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $8.00 per pound. Direct labor: 2 hours at $14 per hour... Variable overhead: 2 hours at $5 per hour. Total standard cost per unit.... $40.00 28.00 10.00 $78.00 During March the company actually produced and sold 30,000 units and incurred the following costs: Purchased 170,000 pounds of raw materials at a cost of $7.50 per pound. 160,000 pounds of this material was used in production. Required: 1. What is the materials price variance for March? 2. What is the materials quantity variance for March?