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 '1' 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 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 appropriatejournal 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 Required 2 > transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) 4 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