Runner Jewelty produced 1,500 rings during March, The standard cost of eachounce of gold used in a ning is $1,000 per ounce. The. standard cuantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $767,600 at $1.010 per ounce Determine the material price variance and the material quantity variance for March. Indicate whe ther each variance is fivorable or unfiworable. (Enter all variences as a positive number)