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What was steinberg direct materials purchase-price variance

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Reference no: EM132511039

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

Actual purchase price per pound of direct materials $8.80

Standard direct materials allowed for units of product T produced 3,400pounds

Decrease in direct materials inventory 230pounds

Direct materials used in production 3,600pounds

Standard price per pound of material $8.55

Required:

Question 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).

Question 2. Prepare the appropriate journal entries for March.

Reference no: EM132511039

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