BecaJewelry produced1,370rings during March. The standard cost of each ounce of gold used in a ring is $1,010per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $808,500at $1,050per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable.(Enter all variances as a positive number.)

Material price variance_____________________________$enter a dollar amount

select an optionUnfavorable/Favorable/ Neither Unfavorable nor Favorable

Material quantity variance_________________________ $enter a dollar amount

select an optionUnfavorable/Favorable/Neither Unfavorable nor Favorable