Hiilemeyer Company's standards for its Hunter model include 50 ounces of borolox at a cost of $6.30 per ounce. During May, the company purchased 56,000 ounces of borolox at a total cost of $351,680. The company produced 1,025 Hiilemeyer during May and used 53,500 ounces of borolox in the process. Calculate the material price variance and the material quantity variance.