Reference no: EM132276668

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

Actual purchase price per pound of direct materials - $8.60

Standard direct materials allowed for units of product T produced - 3,280 pounds

Decrease in direct materials inventory - 210 pounds

Direct materials used in production - 3,400 pounds

Standard price per pound of material - $8.35

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.