The following standards have been established for a raw material used to make product O84:

Standard quantity of the material per unit of output		7.5	meters
Standard price of the material	$	18.70	per meter

The following data pertain to a recent month's operations:

Actual material purchased		3,800	meters
Actual cost of material purchased	$	74,480
Actual material used in production		3,500	meters
Actual output		540	units of product O84

The direct materials purchases variance is computed when the materials are purchased.

Required:

a. What is the materials price variance for the month?

b. What is the materials quantity variance for the month?