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

Actual purchase price per pound of direct materials$7.20Standard direct materials allowed for units of product T produced2,200poundsDecrease in direct materials inventory110poundsDirect materials used in production2,400poundsStandard price per pound of material$7.15

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.