King Jewelry produced 1,200 rings during March. The standard cost of each ounce of gold used in a ring is $330 per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. During March 596 ounces of gold were used. The cost

King Jewelry produced 1,200 rings during March. The standard cost of each ounce of gold used in a ring is $330 per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. During March 596 ounces of gold were used. The cost of gold purchased in March was $240,500 at $370 per ounce.
Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable