The following standards have been established for a raw material used to make product O84: Standard quantity of the material per unit of output 7.1 meters Standard price of the material $18.30 per meter The following data pertain to a recent month's operations: Actual material purchased 3,400 meters Actual cost of material purchased $ 64,090 Actual material used in production 3,100 meters Actual output 500 units of product O84 The direct materials purchases variance is computed when the materials are purchased. Required: What is the materials price variance for the month? What is the materials quantity variance for the month?