Canarie Jewelry produced 1,360 rings during March. The standard cost of each ounce of gold used in a ring is $1,020 per 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 $700,400 at $1,030 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.)

Material price variance		$enter a dollar amount		select an option FavorableUnfavorableNeither Unfavorable nor Favorable
Material quantity variance		$enter a dollar amount		select an option Neither Unfavorable nor FavorableUnfavorableFavorable