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

Required

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.