CeradyneJewelry produced1,450rings during March. The standard cost of each ounce of gold used in a ring is $1,030per 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 $780,000at $1,040per 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 $__________________ (Unfavorable/Favorable or Neither)

Material Quantity variance $ ________________ (Unfavorable/Favorable or Neither)