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 Required: $7.30 2,400 pounds 130 pounds 2,600 pounds i $ 7.05 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 1 Required 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 Reqused t Required 2 > Required 1 Required 2 Saved 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.) View transaction list 1 Record the cost of purchases during the month. 2 Record the standard direct materials cost for this period's production. journal entry has been entered Note: Record entry Credit Clear entry View general journal Journal entry worksheet < 1 2 Record the cost of purchases during the month. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 (Chapter 14) Journal entry worksheet < 1 R Record the standard direct materials cost for this period's production. Note: Enter debits before credits. Transaction 02 Saved General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2>