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

		Standard Quantity				Standard Price
Standard camping tent			23	yards		$	10.50	per yard
Deluxe backpacking tent			18	yards		$	8.00	per yard

During March, the company purchased 4,500 yards of tent fabric for its standard model at a cost of $48,150. The actual March production of the standard tent was 150 tents, and 3,540 yards of fabric were used. Also during March, the company purchased 1,500 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,850. The firm used 4,140 yards of the fabric during March in the production of 230 deluxe tents.

Required:

Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March.

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.) No Transaction General Journal Debit Credit Raw-material inventory Direct-material purchase price variance a. Accounts payable 60,000 2 b. Work-in-process inventory Direct-material quantity variance Raw-material inventory