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:
Inequality
The unequal distribution of resources, opportunities, and rights among individuals or groups, leading to social and economic disparities.
Lucrative Professions
Occupations that offer a high financial reward, often requiring specialized skills, education, or experience, and are in high demand within the economy.
Law
A system of rules that are created and enforced through social or governmental institutions to regulate behavior, with the aim of ensuring order and justice in society.
Medicine
The science and practice of diagnosing, treating, and preventing diseases and injuries in humans and animals.
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