Golden uses a standard costing system. For production of a fuel cell, standards call for 4 model RN-3 valves per cell costing $2,480 each. During 2018, the company purchased 270 valves for $661,500. The company used 228 valves in the production of 55 fuel cells (8 valves were ruined through installation error).

Calculate material price and quantity variances for the model RN-3 valves. (Enter all variances as a positive number.)

Material Price Variance $

FavorableUnfavorableNeither Unfavorable nor Favorable

Material Quantity Variance $

UnfavorableFavorableNeither Unfavorable nor Favorable