The following materials standards have been established for a particular product:
Standard quantity per unit of output 4.8 pounds
Standard price $12.00 per pound
The following data pertain to operations concerning the product for the last month:
Actual materials purchased 3,700 pounds
Actual cost of materials used in production $43,105
Actual materials used in production 3,000 pounds
Actual output 560 units
What is the materials price variance for the month? (favorable or unfavorable)
What is the materials quantity variance for the month? (favorable or unfavorable
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