The following materials standards have been established for a particular product: Standard quantity per unit of output......... Standard price.......... 9.2 grams per gram $14.70 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 $76,450 5,500 grams 5,100 grams 540 units The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?