The following materials standards have been established for a particular product Standard quantity per unit of output 5 gram Standard price $12.00 per grams The following data pertain to operations concerning the product for the last month Actual materials purchased 2,300 grams 26,795 Actual cost of materials purchased Actual materials used in production 1,600 grams Actual output 420 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 "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.ee., zero variance.) Materials price variance b. WI is the materials quantity variance for the month? (Input the amount a as positive value. Leave hat 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.) aterials quantity variance