ces; dix) Rocky Mountain Camping Equipment, Inc. has estabilized the following direct-material standards for its two products. Standard car Deluxe backpacking to Standard antity 12 pounds 6 pounds Standard Price $6 per pound $8 per pound During March, decerpany purchased 2,100 pounds of tent fabric for its standard model at a cost of $13,440. The actual March production of the standard tent was 100 tents, and 1,250 pounds of fabric were used. Also during March, the company purchased 800 pounds of tent fabric for its deluxe back- packing tent at a cost of $6,320. The firm used 720 pounds of the fabric during March in the production of 120 deluxe tents. Required: 1. Compute the direct-material price variance and quantity variance for March. 2. Prepare journal entries to record the purchase of material, use of material, and incurrence of vari- ances in March.