Problem 4: Singh Corporation makes a product with the following standard costs for a raw material used in its production: Standard quantity of the material 6 meters per unit produced Standard price of the material $15 per meter The following data pertain to a recent month's operations: ActualmaterialpurchasedActualcostofmaterialpurchasedActualmaterialusedinproductionActualoutput3,600meters$60,7803,200meters530unitsproduced The direct materials purchases variance is computed when the materials are purchased. The direct materials quantity variance is computed when the materials are used. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? c. Which variances, if any, do you believe the corporation should investigate? Why? Problem 4: Singh Corporation makes a product with the following standard costs for a raw material used in its production: Standard quantity of the material 6 meters per unit produced Standard price of the material $15 per meter The following data pertain to a recent month's operations: ActualmaterialpurchasedActualcostofmaterialpurchasedActualmaterialusedinproductionActualoutput3,600meters$60,7803,200meters530unitsproduced The direct materials purchases variance is computed when the materials are purchased. The direct materials quantity variance is computed when the materials are used. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? c. Which variances, if any, do you believe the corporation should investigate? Why