The following standards have been established for a raw material used to make product I92: 
The following data pertain to a recent month's operations: 
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?
Definitions:
Blinding
A method used in research and experiments to prevent participants, and sometimes the researchers too, from knowing certain information that may lead to bias.
Lurking Variable
A variable that is not directly measured or controlled in a study but can affect the variables of interest, potentially leading to misleading conclusions.
Block Design
An experimental design in which the experimental subjects are divided into blocks before being randomly assigned to treatments, to reduce the effects of variability among them.
Shark Fin Extract
A substance obtained from the fins of sharks, often used in traditional medicine or as a culinary delicacy.
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