Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct…

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Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials 5 9.10Standard direct materials allowed for units of product T produced 3,700 poundsDecrease in direct materials inventory 260 poundsDirect materials used in production 3,900 pcmndsStandard price per pound of material 5 0.85 I Required: 1. What was Steinberg’s direct materials purchase—price variance and its direct materials usage variance for March? Indicatewhether each variance was favorable (F) or unfavorable (U).2. Prepare the appropriate journal entries for March.