PR $10-46($Algo$)$ Direct$-$Material Variances; Journal Entries $($Appendix$)($LO $10-1,10-3,10-9)$

Rocky Mountain Camping Equipment, Incorporated, has established the following direct$-$material standards for its two products.

$\backslash$table$[[,$Standard Quantity,Standard Price$],[$Standard camping tent,$27$ yards,$$12\mathrm{.}50$ per yard$],[$Deluxe backpacking tent,$5$ yards,$$8\mathrm{.}80$ per yard$]]$

During March, the company purchased $4,100$ yards of tent fabric for its standard model at a cost of $$53,710.$ The actual March production of the standard tent was $110$ tents, and $3,100$ yards of fabric were used. Also during March, the company purchased $1,100$ yards of the same tent fabric for its deluxe backpacking tent at a cost of $$9,570.$ The firm used $950$ yards of the fabric during March in the production of $190$ deluxe tents.

Required:

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

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