The following standards for materials have been formulated for a given product: Standard quantity per unit of output Standard price 4.7 pounds $13.00 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 3,600 pounds $ 41,940 Actual cost of materials purchased Actual materials used in production 2,900 pounds Actual output 550 units 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.e., zero variance). Omit the "$" sign in your response.) Materials price variance (Click to select) v b. What is the materials quantity variance for the month? (Input the amount a as positive value. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Materials quantity variance $ (Click to select)