Bellevue Jewelry produced 1,490 rings during March. The standard cost of each ounce of gold used in a ring is $1,040 per ounce. The standard quantity of material for each ring is a 0.5 ounce of gold per ring. The cost of gold purchased and used in March was $831,600 at $1,080 per 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.)