Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual

Question:

Steinberg Company had the following direct materials costs for the manufacturing of product T in March:

Actual purchase price per pound.........................................................$7.50

Standard direct materials allowed for units of product T produced.......2,100 pounds

Decrease in direct materials inventory...........................................100 pounds

Direct materials used in production............................................2,300 pounds

Standard price per pound of material...................................................$7.25

Required

1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? (Show calculations.)

2. Prepare the appropriate journal entries for March.

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Related Book For  book-img-for-question

Cost Management A Strategic Emphasis

ISBN: 978-0077733773

7th edition

Authors: Edward Blocher, David Stout, Paul Juras, Gary Cokins

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