Exercise 11-6 Marx Jewelry produced 1,580 ngs dunng March. The standard cost of each ounce of gold used in a nng is $1,030 per ounce. The standard quantity of material for each nng is0.5 ounce of 901d per ring. The cost of gold purchased and used in March wes $737,300 at $1,010 per ounce Determine the material price variance and the material quantity varliance for March. Indicate whether each variance is faverable or unfavorable. CEnter alf variancs positi umber) Materisi price vartance Material quantity variance