Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of $100 per pound and 0.5 hour of direct labor at $12 per hour. To produce 9,000 units of this product, job Y703 actually required 40,000 pounds
of the raw material costing $97 per pound. The job used a total of 5,000 direct labor hours costing a total of $60,000.
Required
(a) Determine the material price variance for job Y703.
(b) Determine the material quantity variance for job Y703.