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 was the materials price variance for the month?
b)What was the materials quantity variance for the month?
Definitions:
Product Margin
The profit made on selling a product, calculated by deducting the total cost of production from the sales revenue of the product.
Activity-Based Costing
A costing method that assigns costs to products based on the activities they require.
Processing Costs
Expenses associated with the process of transforming raw materials into finished goods, often used in industries where products undergo many stages of production.
Sales and Direct Cost
The total revenue generated from goods and services minus the direct costs associated with producing those goods and services.
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