Rocky Mountain Camping Equipment, Inc., has established the following direct-material standards for its two products. Standard Quantity Standard Price Standard camping tent 27 yards $12 .50 per yard Deluxe backpacking tent 22 yards 5 8.80 per yard During March, the company purchased 4,100 yards of tent fabric for its standard model at a cost of $53,710. The actual March production of the standard tent was 110 tents, and 3,100 yards of fabric were used. Also during March, the company purchased 1,100 yards of the same tent fabric for its deluxe backpacking tent at a cost of $9,570. The rm used 4,180 yards of the fabric during March in the production of 190 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. Required 1 Required 2 Compute the direct-material 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).) a. Direct-material purchase price variance Unfavorable b. Direct-material quantity variance Unfavorable 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 transaction/event, select "No journal entry required" in the first account field.) 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. Record entry Clear entry View general journal 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 transaction/event, select \"No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the addition of direct-material cost to work-in-process inventory and the direct-material quantity variance. Note: Enter debits before credits. Record entry Clear entry View general journal