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 camping tent Deluxe backpacking tent Standard Quantity 12 yards 6 yards Standard Price $ 6 per yard $ 8 per yard During March, the company purchased 2,100 yards of tent fabric for its standard model at a cost of $13,440. The actual March production of the standard tent was 100 tents, and 1,250 yards of fabric were used. Also during March, the company purchased 800 yards of the same tent fabric for its deluxe backpacking tent at a cost of $6,320. The firm used 720 yards of the fabric during March in the production of 120 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 material, use of material, and incurrence of variances in March. Complete this question by entering your answers in the tabs below. Required 1 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" for no effect (i.e.. zero variance).) Complete this question by entering your answers in the tabs below. Required 1 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" for no effect (i.e., zero variance).). a. Direct-material purchase price variance b. Direct-material quantity variance Required 1 Required 2 > View transaction list Journal entry worksheet 1 2 Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet