RichettiJewelry produced1,360rings during March. The standard cost of each ounce of gold used in a ring is $1,020per 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 $700,400at $1,030per 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$

enter a dollar amount

select an option

Unfavorable

Favorable

Neither Unfavorable nor Favorable

Material quantity variance$

enter a dollar amount

select an option

Neither Unfavorable nor Favorable

Unfavorable

Favorable