Crown Point Jewelry produced 1,530 rings during March. The standard cost of each ounce of gold used in a ring is $1,000 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 $749,000 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.)

Material price variance $

Neither Unfavorable nor FavorableUnfavorableFavorable

Material quantity variance $

Neither Unfavorable nor FavorableUnfavorableFavorable