King Jewelry produced 1,200 rings during March. The standard cost of each ounce of gold used in a ring is $330 per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. During March 596 ounces of gold were used. The cost of gold purchased in March was $240,500 at $370 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable