Utekkit and Gwaan Hardware Store, a Jamaican company, manufactures a number of items. During the month of December, the company manufactured 4,00 sledgehammer handles. These handle 11,00 metres of solid oakwood at a cost of $18,700. An examination of the standard cost card revealed that each sledgehammer handle should required 2.5 metres of oakwood at a cost of $1.80 per meter.

Required: Compute the material price variance and material quantity variance