5 Shipped Steinberg Company had the following direct materials costs for the manufacturing of product T...

Transcribed Image Text:

5 Shipped Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced. Decrease in direct materials inventory Direct materials used in production Standard price per pound of material Required: $ 7.70 2,300 pounds 120 pounds. 2,500 pounds $7.45 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Direct materials purchase-price variance Direct materials usage variance Required 1 Required 2 > Steinberg Company had the following direct materials costs for the manufacturing of product T in March: 5 Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Skipped Decrease in direct materials inventory Direct materials used in production Standard price per pound of material Required: $ 7.70 2,300 pounds. 120 pounds 2,500 pounds $7.45 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Required 1 Reqired 2 Prepare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the cost of purchases during the month. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit View general journal Record entry Clear entry 5 Shipped Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced. Decrease in direct materials inventory Direct materials used in production Standard price per pound of material Required: $ 7.70 2,300 pounds 120 pounds. 2,500 pounds $7.45 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Direct materials purchase-price variance Direct materials usage variance Required 1 Required 2 > Steinberg Company had the following direct materials costs for the manufacturing of product T in March: 5 Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Skipped Decrease in direct materials inventory Direct materials used in production Standard price per pound of material Required: $ 7.70 2,300 pounds. 120 pounds 2,500 pounds $7.45 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Required 1 Reqired 2 Prepare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the cost of purchases during the month. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit View general journal Record entry Clear entry