Direct Materials Variances—Journal Entries Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Required 1. What was Steinberg’s direct materials...

Direct Materials Variances—Journal Entries Steinberg Company had the following direct materials costs for the manufacturing of product T in March:

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). (Round both answers to the nearest whole dollar.) 2. Prepare the appropriate journal entries for March.