The following standards have been establshed for a faw material used to make product O84: Standard quantity of the material per unit of output 7.1 meters standard price of the material 518.30 per meter The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production 3.,100 meters Actual output 500 units of product 084 The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materiats price variance for the month? b. What is the materiais quantity variance tor the month