The following materials standards have been established for a particular raw material used in

the company's sole product:

Standard quantity per unit of output .......... 0.1 kg

Standard price ............................................ $18.20 per kg

The following data pertain to operations for the last month:

Actual materials purchased ....................... 5,700 kgs

Actual cost of materials purchased ............ $100,320

Actual materials used in production .......... 5,600 kgs

Actual output ............................................. 55,800 units

Calculate the Material Price and Quantity Variance. Explain your answer (Show workings clearly)