The following materials standards have been established for a particular product:

Standard quantity per unit of output 9.2grams Standard price $14.70per gram

The following data pertain to operations concerning the product for the last month:

Actual materials purchased 5,500gramsActual cost of materials purchased $76,450Actual materials used in production 5,100grams Actual out put 540units

Required:

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

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