The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.5 meters $17.40 per meter 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 7,000 meters $124,250 6,500 meters 1,420 units What is the materials price variance for the month? The following labor standards have been established for a particular product: Standard labor-hours per unit of output Standard labor rate 8.4 hours $15.30 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 8,300 hours $ 124,500 820 units What is the labor rate variance for the month