Steinberg Company had the following direct materials costs for the manufacturing of product T in March:

Actual purchase price per pound of direct materials	$ 7.90
Standard direct materials allowed for units of product T produced	2,500	pounds
Decrease in direct materials inventory	140	pounds
Direct materials used in production	2,700	pounds
Standard price per pound of material	$ 7.65

Required:

1. What was Steinbergs 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.

What was Steinbergs 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.)

Required 1

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 amount.)

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
01

Transaction	General Journal	Debit	Credit
02