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 $ 7.80 2,800 pounds 170 pounds 3,000 pounds $ 7.35 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Direct materials purchase-price variance Direct materials usage variance $ 1,260 X Unfavorable $ 1,470 Unfavorable 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.) No Credit Transaction 01 1 General Journal Direct materials inventory Direct materials purchase-price variance Accounts payable Debit 20,580 % 1,260 % 21,840 2 02 X Finished goods inventory Direct materials usage variance Direct materials inventory 20,580 1,470 22,050