n Company produced 1,300 rings during March. The standard cost of each ounce of metal used in the rings 2/ is SXX per ounce (where xxx is the last 3 digits of your student ID). The standard quantity of material for each ring is one-half ounce of metal per ring. The cost incurred for March production was $266,625 at $395 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable