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

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Steinberg Company had the following direct materials costs for the manufacturing of product T in 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	$	8.60
Standard direct materials allowed for units of product T produced		3,600	pounds
Decrease in direct materials inventory		250	pounds
Direct materials used in production		3,800	pounds
Standard price per pound of material	$	8.25

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.

business accounting

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Answer 1

Answer #1

Answer is given below

for standard usage of material - entry can be taken to WIP or FG inventory

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Answer 2

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