The following materials standards have been established for a particular product: Standard quantity per unit of output.......3.8 lbs/Standard price.......$13.00 per lb.

The following data pertain to operations concerning the product for the last month: Actual materials purchased......2,700 lbs./ Actual cost of materials purchased......$34,155/ Actual materials used in production 2000 lbs./ Actual output.......500 units.

a.What is the materials price variance for the month?

b.What is the materials quantity variance for the month?

include equations......