Rocky Mountain Camping Equipment, Inc. has established the following direct-material standards for its two products Standard camping tent Deluxe backpacking tent Standard Quantity 22 yards Standard Price $10.00 Pe $ 7.80 yard per yard 17 yards During March, the company purchased 4,600 yards of tent fabric for its standard model at a cost of $48,760. The actual March production of the standard tent was 160 tents, and 3,600 yards of fabric were used. Also during March, the company purchased 1,600 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,840. The firm used 4,080 yards of the fabric during March in the production of 240 deluxe tents. Required 1. Compute the direct-material purchase price variance and quantity variance for March 2. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March Complete this question by entering your answers in the tabs below. Required Required 1 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 transaction/event, select "No journal entry required" in the first account field.) Show less 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 Transactio General Journal Debit Credit