Colonial Pewter’s purchasing records for June showed that 6,500 pounds of pewter were purchased at a cost of $3.80 per pound. This cost figure included freight and handling and was net of the quantity discount. All of the material purchased was used during June to manufacture 2,000 pairs of pewter bookends. Using these data and the standard costs from Exhibit 10-2, Terry computed the price and quantity variances shown in Exhibit 10-4