EXERCISE 11-6. Calculating Material Variances [LO 1] Crown Jewelry produced 1,500 rings during March. The standard cost of each ounce of gold used in a ring is $1,000 per ounce. The stan- dard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $788,480 at $1,024 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable