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 indirect materials inventory 200 pounds Direct materials used in production 3,300 pounds Standard price per pound of material $ 7.55 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).

Direct materials purchase-price variance	xx	xx
Direct materials usage variance	xx

2. Prepare the appropriate journal entries for March