Rocky Mountain Camping Equipment, Inc., has established the following direct-material standards for its two products.

		Standard Quantity				Standard Price
Standard camping tent			18	yards		$	8.00	per yard
Deluxe backpacking tent			13	yards		$	7.00	per yard

During March, the company purchased 5,000 yards of tent fabric for its standard model at a cost of $41,000. The actual March production of the standard tent was 200 tents, and 3,750 yards of fabric were used. Also during March, the company purchased 2,000 yards of the same tent fabric for its deluxe backpacking tent at a cost of $13,200. The firm used 3,640 yards of the fabric during March in the production of 280 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.