What was Steinbergs direct materials purchase-price variance
14-42 Direct Materials Variances—Journal Entries Steinberg Company had the following direct materi- als costs for the manufacturing of product T in March:
Actual purchase price per pound $7.50
Standard direct materials allowed for units of Product T produced 2,100 pounds Decrease in direct materials inventory 100 pounds
Direct materials used in production 2,300 pounds
Standard price per pound of material $7.25
1. What was Steinberg’s direct materials purchase-price variance and its direct materials usage variance for March?
2. Give the appropriate journal entries for March.