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What is the materials price variance for the month and what

The standards for product K17 call for 5.0 meters of a raw material that costs $19.10 per meter. Last month, 2,700 meters of the raw material were purchased for $51,435. The actual output of the month was 460 units of product K17. A total of 2,500 meters of the raw material were used to produce this output.

Required:

a. What is the materials price variance for the month?

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

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Accounting Basics: What is the materials price variance for the month and what

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