The Following Materials Standards Have Been Established for a Particular

Essay

The following materials standards have been established for a particular product:
$\begin{array}{|l|r|}\hline \text { Standard quantity per unit of output } & 9.2 \text { grams } \\\hline \text { Standard price } & \$ 14.70 \text { per gram } \\\hline\end{array}$
The following data pertain to operations concerning the product for the last month:
$\begin{array}{|l|r|}\hline \text { Actual materials purchased } & 5,500 \text { grams } \\\hline \text { Actual cost of materials purchased } & \$ 76,450 \\\hline \text { Actual materials used in production } & 5,100 \text { grams } \\\hline \text { Actual output } & 540 \text { units } \\\hline\end{array}$
Required:
a)What was the materials price variance for the month?
b)What was the materials quantity variance for the month?