Steinberg Company had the following direct materials costs for the manufacturing of product T in March:
Actual purchase price per pound of direct materials$7.50 Standard direct materials allowed for units of product T produced 2,100poundsDecrease in direct materials inventory 100poundsDirect materials used in production 2,300poundsStandard price per pound of material$7.25
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
Ch. 14 HW #19
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