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The following standards have been established for a raw material used to make product O84: Standard quantity of the material per unit of output 8.7

The following standards have been established for a raw material used to make product O84:

Standard quantity of the material per unit of output 8.7 meters
Standard price of the material $ 18.00 per meter

The following data pertain to a recent month's operations:

Actual material purchased 5,500 meters
Actual cost of material purchased $ 103,500
Actual material used in production 4,900 meters
Actual output 660 units of product O84

The direct materials purchases variance is computed when the materials are purchased.

Required:

a. What is the materials price variance for the month?

b. What is the materials quantity variance for the month?

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