Compute the direct-material purchase price variance and quantity variance for March.

Then prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March.

Rocky Mountain Camping Equipment, Inc. has established the following direct-material standards for its two products. Standard camping tent Deluxe backpacking tent Standard Quantity 24 yards 19 yards Standard Price $11.00 per yard $ 8.20 per yard During March, the company purchased 4,400 yards of tent fabric for its standard model at a cost of $49,720. The actual March production of the standard tent was 140 tents, and 3,460 yards of fabric were used. Also during March, the company purchased 1,400 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,060. The firm used 4,180 yards of the fabric during March in the production of 220 deluxe tents. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit No 1 Transaction a. General Journal Raw-material inventory Direct-material purchase price variance Accounts payable 2 b. Work-in-process inventory Direct-material quantity variance Raw-material inventory