Refer to the data provided in Cornerstone Exercise 10-3.

In Cornerstone Exercise 10-3

Bava Inc. produces plastic containers. Production of 120-gram containers has a standard unit quantity of 25 grams of plastic per container. During the month of April, 300,000 containers were produced using 6,500,000 grams of plastic. The actual cost of plastic was $0.10 per gram and the standard price was $0.08 per gram. There are no beginning or ending inventories of plastic.

Required:

Calculate the materials price and usage variances using the columnar and formula approaches.