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 directimaterial standards for its two products During March, the company purchased 5.000 yards of tent fabric for its standard model at a cost of $41,000. The actual March production of the standard tent was 200 tents, and 3,750 yards of fabric were used. Also during March, the company purchaseci 2,000 yards of the same tent fabric for its delaxe backpacking tont at a cost of $13,200. The firm used 3,640 yards of the fabric during March in the production of 280 deluxe tents. Required: 1. Compute the direct-materiai purchase price variance and quantity variance for March. 2. Propare journal entries to record the purchase of material, use of material, and incurtence of variances in March. Complete this question by entering your answers in the tabs below. 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 "Favorabie" or "Unfovorable". Select "None" and enter " 0 " fic no effect (0.5., zero variance).) Complete this question by entering your answers in the tabs below. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is n for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits