The standards for product K17 call for 5 meters of a raw material that costs $13.20 per meter. Last month, 2,360 meters of the raw material were purchased for $31,034. The actual output of the month was 330 units of product K17. A total of 2,120 meters of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month?

Materials price variance

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

Materials quantity variance