The following standards have been established for a raw material used to make product O84: Standard quantity of the material per unit of output 9.1 meters Standard price of the material $ 19.40 per meter The following data pertain to a recent month's operations: Actual material purchased 5,400 meters Actual cost of material purchased $ 109,620 Actual material used in production 5,300 meters Actual output 700 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?