Question 7 of 7 - / 10 IE View Policies Current Attempt in Progress Vermillion Jewelry produced 1,450 rings during March. The standard cost of each ounce of gold used in a ring is $1,030 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 $780,000 at $1,040 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 V Material quantity variance $ eTextbook and Media Save for Later Attempts: 0 of 1 used Submit