Exercise 11-6 Calculating Material Variances Problem data follows Number of rings produced in March Standard cost of each ounce of gold Standard quantity of material in ounces Cost of gold purchased and used in March Cost of gold purchased per ounce 1,500 S 1,000 0.50 S 788,480 S 1,024 Required Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable. Material price variance Favorable or unfavorable? Material quantity variance Favorable or unfavorable