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:
Sales/Total Assets
A financial ratio that measures how efficiently a company is using its assets to generate sales.
Pretax Profit
Earnings before tax, indicating the profitability of a business before accounting for tax obligations.
Net Profit
The amount of money earned by a company after all expenses and taxes have been subtracted from total revenue.
Leverage Ratio
A financial ratio indicating the degree to which a company or individual is financing its operations through debt, compared to its equity.
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