The Quality Cabinet Company uses a standard costing system and produced 2,000 cabinets during May. The standard cost of wood is $22 per linear foot, and the standard quantity for each cabinet is 27 linear feet. During May, the company purchased 57,000 linear feet of wood for $1,140,000, and 55,000 feet were used in production. Determine the material price variance and the material quantity variance, and record the related journal entries for May.