XYZ corporation is manufacturing one product and uses standard cost system to evaluate performance. The manager who is responsible of buying the needed quantity of raw materials was able to buy a cheaper grade of materials $($lower quality also$)$ to use in production. Which group of variances may result from the action of purchasing department?

Favorable price variance and favorable quantity variance

Favorable price variance and unfavorable quantity variance

Unfavorable price variance and unfavorable quantity variance

Unfavorable price variance and favorable quantity variance