Espresso Jewelry produced 1,450 rings during March. The standard cost of each ounce of gold used in a ring is $1,030 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 $780,000 at $1,040 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: Unfavorable, Favorable or Neither Unfavorable nor Favorable

Material quantity variance$

enter a dollar amount

select an option: Unfavorable, Favorable or Neither Unfavorable nor Favorable

Espresso Jewelry produced 1,450 rings during March. The standard cost of each ounce of gold used in a ring is $1,030 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 $780,000 at $1,040 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 Material quantity variance $