Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials $ 7.30 Standard direct materials allowed for units of product T produced 2,400 pounds Decrease in direct materials inventory 130 pounds Direct materials used in production 2,600 pounds Standard price per pound of material $ 7.05

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.