CeradyneJewelry produced1,620rings during March. The standard costof each ounce of gold used in a ring is $1,010per 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 $816,000at $1,020per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable.(Enter all variances as a positive number.)Material price variance$enter a dollar amount?elect an option? ? ? ? ? ? ? ? ? ? ??? ? ? ? ? ? ? ? ?nfavorableFavorableNeither Unfavorable nor FavorableMaterial quantity variance$enter a dollar amount?elect an option? ? ? ? ? ? ? ? ? ? ??? ? ? ? ? ? ? ? ?avorableNeither Unfavorable nor FavorableUnfavorableAccountingBusinessManagerial AccountingACC 5301

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