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

Actual purchase price per pound of direct materials$9.00Standard direct materials allowed for units of product T produced3,900poundsDecrease in direct materials inventory280poundsDirect materials used in production4,100poundsStandard price per pound of material$8.45

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.