Walla Walla Jewelry produced 1,470 rings during March. The standard cost of each ounce of gold used in a ring is $1,000 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 $777,700 at $1,010 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 $enter a dollar amount Favorable, Unfavorable or Neither

Material quantity variance $enter a dollar amount Favorable, Unfavorable or Neither