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. Smyer Corporation makes a product with the following standard costs Standard Candard Price Standard Cost Quantity of or Rate op Rate Per Unit Hours Dired 7.1 pounds com per pound $35.50 materials per unit The company reported the following results concerning this product in July 4,700 units Originaly budgeted standard output 4.500 units Actual output Direct Materials purchased and used in 36,500 pounds production $5.10 per pound Actual price of direct materials Required: a. Compute the materials quantity variance. b. Compute the materials price variance