Steinberg Company had the following direct materials costs for the manufacturing of product T in March:...

Transcribed Image Text:

Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory $ 9.40 4,000 pounds 290 pounds 4,200 pounds $ 9.15 Direct materials used in production Standard price per pound of material Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March. Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory $ 9.40 4,000 pounds 290 pounds 4,200 pounds $ 9.15 Direct materials used in production Standard price per pound of material Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries for March.

Answer rating: 100% (QA)

1 Direct material purchase price varianceStandard priceActual priceActual quantit... View the full answer