Problem 10-46 Direct-Material Variances; Journal Entries (Appendix) (LO 10-1, 10-3, 10-9) Rocky Mountain Camping Equipment, Inc., has established the following direct-material standards for its two products, standard Quantity Standard Price Standard camping tent 24 yards $11.00 per yard Deluxe backpacking tent 19 yards $ 1.20 per yard During March, the company purchased 4,400 yards of tent fabric for its standard model at a cost of $49720. 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 4,780 yards of the fabric during March In the production of 220 deluxe tents Required: 1. Compute the direct material purchase price variance and quantity variance for March 2. Prepare Journal entries to record the purchase of materiat, use of material, and Incurrence of variances in March Complete this question by entering your answers in the tabs below. Required Required 2 Compute the direct material purchase price variance and quantity variance for March (Do not round your intermediate calculations. Indicate the effect of each variance by selecting favorable or unfavorable Select "None" and enter o forno ctfect zero vartance)