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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