Smyer Corporation makes a product with the following standard costs: Standard Standard Price Standard Cost Quantity or or Rate Per Unit Hours Direct 7.1 pounds $5.00 per material $35.50 The company reported the following resuns concerning this product in July: 4,700 units 4,500 units Originally budgeted standard output Actual output Direct Materials purchased and used in production Actual price of direct materials Required: 36,500 pounds $5.10 per pound a. Compute the materials quantity variance. b. Compute the materials price variance