Part IV Points 15 Marks Question 4 (15 points) The following standards have been established for a raw material used in the production of product G13: Standard quantity of the material per unit of output 2.4 liters Standard price of the material $17.00 per liter The following data pertain to a recent month's operations: Actual material purchased 5,600 litels Actual cost of material purchased $99,400 Actual material used in production 4,885 liters Actual output 2,030 units of product G13 Calculate: 1 IL III. IV. The material price variance The material quantity variance Who is most likely responsible for the price variance? Explain why. Which of the variances in this situation should be given the greater attention? Circle the correct response. Price Variance Quantity Variance Explain why you made the choice that you did