Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials $ 8.20 Standard direct materials allowed for units of product T produced 3, 100 pounds. Decrease in direct materials inventory 200 pounds Direct materials used in production 3,300 pounds Standard price per pound of material $ 7.55 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate wheth 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