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.