Steinberg Company had the following direct materials costs for the manufacturing of product T in March:Actual purchase price per pound of direct materialsStandard direct materials allowed for units of product T producedDecrease in direct materials inventoryDirect materials used in productionStandard price per pound of material$ 8.903,500 po240 po3,700 po$ 8.65Required:1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance forMarch? Indicate whether each variance was favorable (F) or unfavorable (U).2. Prepare the appropriate journal entries for March.Complete this question by entering your answers in the tabs below.Complete this question by entering your answers in the tabs below.Required 1Required 2What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whethevariance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest wholeDirect materials purchase-price varianceDirect materials usage variance< Required 1Required 2 >

Name: Steinberg Company had the following direct materials costs for the ma
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Description: Steinberg Company had the following direct materials costs for the manufacturing of product T in March:Actual purchase price per pound of direct materialsStandard direct materials allowed for units of product T producedDecrease in direct materials i

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Steinberg Company had the following direct mate Actual purchase price per pound of direct Standard direct materials allowed for unit

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EA: Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The...

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nkt.1 Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials $ 8.90 Standard direct materials allowed for units of product T produced 3,500 pounds Decrease in direct materials inventory 100 pounds Direct materials used in production 3,700 pounds Standard price per pound of material $ 8.65 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.
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