A new pharmaceutical drug calls for 4.5 ounces of compound AN7- X1 per batch of 250 tablets. AN7- X1 has a standard price of $ 2 per ounce. An initial inventory of 8,000 ounces of AN7- X1 is purchased for $ 17,200. The firm produces 1,000 batches of the new drug and uses 4,600 ounces of AN7- X1. All variances are calculated as soon as possible.
Calculate the price and quantity variances for AN7- X1.