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Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials $

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

Actual purchase price per pound of direct materials $ 8.10
Standard direct materials allowed for units of product T produced 2,700 pounds
Decrease in direct materials inventory 160 pounds
Direct materials used in production 2,900 pounds
Standard price per pound of material $ 7.85

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.

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