The following standards have been established for a raw material used to make product abc123: Standard quantity of the material per unit of output Standard price of the material 8.25 meters $19.50 per meter The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production 4,750 meters $94,525 4,600 meters Actual output units of 620 product 084 The direct materials purchases variance is computed when the materials are purchased. Required: show your work 12 points a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? (indicate the efect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Extra Credit: What is the actual price of materials purchased? 3 points