Exercise 11-7: calculating material variances: WRX used a standard costing system for production of a fuel cell, standards call 4 model, RN-3 valves per cell costing $2,300 each. During 2018, the company purchased 250 valves for $587,500. The company used 248 valves in the production of 60 fuel cells (8 valves were ruined through installation error).

Calculate material price and quantity variances for the model rn-3 valves?