Speedway Jewelry produced 1,430 rings during March. The standard cost of each ounce of gold used in a ring is $ 1,010 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 $5 ?34,30l at $ 1,090 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable. [Entera variances I330 positive Hum.) Materialprioevarianee $ l v