The standards for product V28 call for 8.8 pounds of a raw material that costs $19.50 per pound. Last month, 2,800 pounds of the raw material were purchased for $54,040. The actual output of the month was 290 units of product V28. A total of 2,700 pounds 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? b. What is the materials quantity variance for the month? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) a. Materials price variance b. Materials quantity variance