The following material standards have been established for a particular product: Standard quantity per unit of output Standard price \begin{tabular}{|l|l|l|l|} \hline 8.50 & pounds & 800 st output \\ \hline$19.00 & per pound & & \\ \hline \end{tabular} The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output REQUIRED: Using the standard cost model, compute each of the following, show all your calculations What is the material price variance for the materials PURCHASED in the month, is it favorable or unfavorable Price Variance $ Is this variance favorable or unfavorable? What is the materials quantity variance for the month, is it favorable or unfavorable Quantity Variance Is this variance favorable or unfavorable