The following materials standards have been established for a particular product: Standard quantity per unit of output 9.4 pounds Standard price $16.90 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 7,300 pounds Actual cost of materials purchased $116,435 Actual materials used in production 7,100 pounds Actual output 740 units The direct materials purchases variance is computed when the materials are purchased. Recall the following formula to answer the questions below: (AQ X AP) - (AQ X SP) + (AQ X SP) - (SQX SP) NOTE: Input your answer, rounding to the nearest whole dollar followed by a For Uto indicate Favorable/Unfavorable. (Example: A 1,025.40 favorable variance should be entered as 1,025F.) What is the materials price variance for the month? b. What is the materials quantity variance for the month