Best Chocolates uses standard costing. During 2020, the company estimated the following standard costs for one of its major products, cocoa bars. Best purchased 500 pounds of cocoa at a cost of $32 per pound. It produced and sold 5,000 chocolate bars using 490 pounds of cocoa and 250 direct manufacturing labor hours at an average wage of $15.25 per hour. Calculate the material price variance and material quantity variance, and indicate whether each variance is favorable or unfavorable