The following materials standards have been established for a particular product: Standard quantity per unit of output.......3.8 lbs/Standard price.......$13.00 per lb.
The following data pertain to operations concerning the product for the last month: Actual materials purchased......2,700 lbs./ Actual cost of materials purchased......$34,155/ Actual materials used in production 2000 lbs./ Actual output.......500 units.
a.What is the materials price variance for the month?
b.What is the materials quantity variance for the month?