What was Steinberg’s direct materials purchase-price variance
14-42    Direct Materials Variances—Journal Entries Steinberg Company had the following direct materi- als costs for the manufacturing of product T in March:
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Actual purchase price per pound                                                               $7.50
Standard direct materials allowed for units of Product T produced                                 2,100 pounds Decrease in direct materials inventory                                                            100 pounds
Direct materials used in production                                                             2,300 pounds
Standard price per pound of material                                                           $7.25
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Required
1.   What was Steinberg’s direct materials purchase-price variance and its direct materials usage variance for March?
2.   Give the appropriate journal entries for March.
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Answers
Status NEW
Posted 08 May 2017 08:05 AM
My Price 7.00
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file 1494233556-1336559_1_636297762599536167_1336559.xlsx preview (367 words )
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