Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the directmaterial purchase price variance and quantity variance for March. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance}.) _ Directmaterial purchase price van'ance b. Directmaterial quantity variance Required 2 > Required 1 Required 2 ' Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is required for a transactionfevent, select "No journal entry required" in the rst account eld.) View transaction list Journal entry worksheet Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits. Wewuenerauoumal Required 1 Required 2 ' Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is required for a transactionfevent, select "No journal entry required" in the rst account eld.) View transaction list Journal entry worksheet Record the addition of directmaterial cost to work-in-process inventory and the directmaterial quantity variance. Note: Enter debits before credits. Weweenereneumel Rocky Mountain Camping Equipment, Inc., has established the following directmaterial standards for its two products. Standard Quantity Standard Price Standard camping tent 12 yards $5.98 per yard Deluxe backpacking tent 7 yards $5.89 per yard During March, the company purchased 5,600 yards of tent fabric for its standard model at a cost of $31,360. The actual March production ofthe standard tent was 260 tents, and 3,210 yards of fabric were used. Also during March, the company purchased 2,600 yards of the same tent fabric for its deluxe backpacking tent at a cost of $14,300. The firm used 2,380 yards of the fabric during March in the production of 340 deluxe tents. Required: 1. Compute the directmaterial purchase price variance and quantity variance for March. 2. Preparejournal entries to record the purchase of material, use of material. and incurrence of variances in March