Problem 4: Singh Corporation makes a product with the following standard costs for a raw material used in its production: The following data pertain to a recent month's operations: \begin{tabular}{lc} \hline Actual material purchased & 3,600 meters \\ Actual cost of material purchased & $60,780 \\ Actual material used in production & 3,200 meters \\ Actual output & 530 units produced \end{tabular} 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