The standard cost of Product B manufactured by MIT Company includes 2 units of direct materials at $5 per unit. During June, 16520 units of direct materials are purchased at a cost of $4.70 per unit, and 16520 units of direct materials are used to produce 9,500 units of Product B.(a) Compute the total materials variance and the price and quantity variances.Total materials varianceMaterials price varianceMaterials quantity varianceb) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.15 and the quantity purchased and used is 28,000 units.Total materials varianceMaterials price varianceMaterials quantity variance