Handley 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 standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $ 767,600 at $ 1,010 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable. (Enter all variances as a positive number.)

Material price variance		$		Unfavorable, Favorable or Neither Unfavorable nor Favorable
Material quantity variance		$		Unfavorable, Favorable or Neither Unfavorable nor Favorable