The following materials standards have been established for a particular product: 
The following data pertain to operations concerning the product for the last month: 
Required:
a)What is the materials price variance for the month?
b)What is the materials quantity variance for the month?
Definitions:
Terminate
To bring to an end or conclude something, such as a contract, employment, or process.
Interest
The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Relationship
A relationship is a connection, association, or involvement between people, which can be based on kinship, love, friendship, or professional interactions.
Electronic Contracts
Agreements that are formed, signed, and executed over electronic means, such as through email or an online service.
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