Exercise 14-38 Direct Materials Variances-Journal Entries [LO 14-3, 14-5) 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 $ 9.00 3,900 pounds 280 pounds 4,100 pounds $ 8.45 Required: 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 vour answers in the tabs below. Required 1 Required 2 repare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a ansaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole ollar.) No Transaction Credit 01 General Journal Direct materials inventory Direct materials purchase-price variance Accounts payable OO Debit 32,955 2,145 35,100 02 Finished goods inventory Direct materials usage variance Direct materials inventory 32,955 1,690 34,645