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

Actual purchase price per pound of direct materials $ 9.40 Standard direct materials allowed for units of product T produced 4,000 pounds Decrease in direct materials inventory 290 pounds Direct materials used in production 4,200 pounds Standard price per pound of material $ 9.15

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.