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

Actual purchase price per pound of direct materials	$	7.20
Standard direct materials allowed for units of product T produced		2,200	pounds
Decrease in direct materials inventory		110	pounds
Direct materials used in production		2,400	pounds
Standard price per pound of material	$	7.15

Required:

1. What was Steinbergs 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.

Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 7.20 2,200 pounds 110 pounds 2,400 pounds $ 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 01 Accounts payable Accounts payable Accounts payable Accounts payable Accounts payable Accounts payable 02 Cost of goods sold Cost of goods sold Cost of goods sold