The Standards for Product J35 Call for 1

Essay

The standards for product J35 call for 1.0 pounds of a raw material that costs $15.60 per pound. Last month, 5,700 pounds of the raw material were purchased for $90,345. The actual output of the month was 5,280 units of product J35. A total of 5,200 pounds 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?