AtCovington, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $55. Standards call for3.0relays per unit of finished product. In July, the company purchased 140relays for $7,840. The company used106relays in the production of53refrigeration units (4relays were damaged in the installation process).

Calculate the material price variance and the material quantity variance related to the M640 electrical relay. Indicate whether the variances are favorable or unfavorable.(Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.)

Material Price Variance __________________$enter a dollar amount

select an option

Unfavorable

Favorable

Neither Unfavorable nor Favorable

Material Quantity Variance ______________$enter a dollar amount

select an option

Unfavorable

Favorable

Neither Unfavorable nor Favorable