The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.1 grams $12.00 per grams The following data pertain to operations concerning the product for the last month: Actual materials purchased 3,000 grams $ 34,950 Actual cost of materials purchased Actual materials used in production 2,300 grams Actual output 470 units The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? (Input the amount as a positive value. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Materials price variance $ 1050 F b. What is the materials quantity variance for the month? (Input the amount a as positive value. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Materials quantity variance $ 1050 F