DM variances; journal entries

Skip Company produces a product called Lem. The standard direct material cost to produce one unit of Lem is four quarts of raw material at $$2\mathrm{.}50$ purchased at a cost of $$10,080.$ All the purchased material was used to produce $1,000$ units of Lem.

a$.$ Compute the material price variance and material quantity variance for May.

Note: Do not use a negative sign with your answers.

$\backslash$table$[[$Material price variance,$420,$Favorable,hat$(AA)$