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The following materials standards have been established for product Wand: Standard quantity per unit of...

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Accounting

The following materials standards have been established for product Wand:

Standard quantity per unit of output10.0 kilogramsStandard price$16.20 per kilograms

The following data pertains to operations concerning product Wand for the last month:

Actual materials purchased7,300 kilogramsActual cost of materials purchased$120,000Actual materials used in production7,122 kilogramsActual output740 units

Required:

  1. What is the materials price variance for the month?
  2. What is the materials quantity variance for the month?

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