AtCrown Point, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $60. Standards call for2.0relays per unit of finished product. In July, the company purchased140relays for $7,840. The company used105relays in the production of48refrigeration 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