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?