Steinberg Company had the following direct materials costs for the manufacturing of product T in...
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Accounting
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 | 3,000 | pounds | |
| Decrease in direct materials inventory | 190 | pounds | |
| Direct materials used in production | 3,200 | pounds | |
| Standard price per pound of material | $ | 8.15 | |
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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