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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 $ 8.40
Standard direct materials allowed for units of product T produced 3,300 pounds
Decrease in direct materials inventory 100 pounds
Direct materials used in production 3,500 pounds
Standard price per pound of material $ 7.95
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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