Steinberg Company had the following direct material costs for the manufacturing of product T in march:

Actual purchase price per pound of direct materials........................................................................................$ 8.90

Standard direct materials allowed for units of product T produced...................................................................3500 pounds

Decrease in direct materials inventory.................................................................................................................240 pounds

Direct materials used in production...................................................................................................................3700 pounds

Standard price per pound of material................................................................................................................$ 8.65

1. What was Steinbergs direct materials purchase-price variance and its direct materials usage variance for March. Indicate whether each variance was F(favorable) or U(unfavorable).

2. Prepare the appropriate journal entries for March.