Steinberg Company had the following direct materials costs for the manufacturing of product T in March Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 7-70 2,300 pounds 120 pounds 2,500 pounds $ 7.45 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Required 1Required 2 What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Direct materials purchase-price variance Direct materials usage variance Prepare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the cost of purchases during the month. Note: Enter debits before credits Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the standard direct materials cost for this period's production. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal