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

Actual purchase price per pound of direct materials	$ 7.90
Standard direct materials allowed for units of product T produced	2,500	pounds
Decrease in direct materials inventory	140	pounds
Direct materials used in production	2,700	pounds
Standard price per pound of material	$ 7.65

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

\begin{tabular}{|l|l|l|} \hline & & \\ \hline Direct materials purchase-price variance & & \\ \hline Direct materials usage variance & & \\ \hline \end{tabular} Record the cost of purchases during the month. Note: Enter debits before credits. Record the standard direct materials cost for this period's production. Note: Enter debits before credits