Steinberg Company had the following direct materials 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.