Toy CoJewelry produced1,620rings during March. The standard cost of each ounce of gold used in a ring is $1,050per 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 $826,800at $1,060per 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: $$ ,(Favorable/Unfavorable/Neither)

Material Quantity Variance:$$ ,(Favorable/Unfavorable/Neither)