The following standards have been established for a raw material used to make product 192 Standard quantity of the material per unit of output Standard price of the material 4.5 pounds $13.90 per pound The following data pertain to a recent month's operations Actual material purchased Actual cost of material purchased Actual material used in production Actual output 2.000 pounds $26,200 1.300 pounds 220 units of product 192 (Hint: The direct materials purchases variance is computed when the materials are purchased) Required: What is the materials price variance for the month? Is it a favorable or unfavorable variance? (5 points) 12 b. What is the materials quantity variance for the month? Is it a favorable or unfavorable variance? (5 points)