The following standards have been established for a raw material used to make product N04:
The following data pertain to a recent month's operations: 
Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
Definitions:
Big Data
Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Data Intelligence
The analysis and interpretation of collected data to derive meaningful and actionable insights, often used in business strategy and decision-making.
Data Tabulation
The process of organizing data into tables or charts for easier analysis and interpretation.
Data Visualization
The graphical representation of information and data, using visual elements like charts, graphs, and maps to make data more easily understandable.
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