The following materials standards have been established for a particular product: Standard quantity per unit of output..... 5.2 meters Standard Price... $15.60 per meter The following data pertain to operations concerning the product for the last month Actual materials purchased.... 8,500 meters Actual cost of materials purchased ... $139,400 Actual materials used in productions ... 8,200 meters Actual output ... 1,640 meters Required: A. What is the materials price variance for the month? B. What is the materials quantity variance for the month