Ceradyne Jewelry produced 1,610 rings during March. The standard cost of each ounce of gold used in a ring is $1,060 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 $759,700 at $1,070 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable.

Ceradyne Jewelry produced 1,610 rings during March. The standard cost of each ounce of gold used in a ring is $1,060 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 $759,700 at $1,070 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.)