Pukalani Jewelry produced $1,360$ rings during March. The standard cost of each ounce of gold used in a ring is $$1,020$ per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $$700,400$ at $$1,030$ 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.$)$