Rocky Mountain Camping Equipment, Inc. has established the following direct-material standards for its two products. Standard Quantity Standard Price $9.50 per yard Standard camping tent 21 yards $7.60 per yard 16 yards Deluxe backpacking tent During March, the company purchased 4,700 yards of tent fabric for its standard model at a cost of $47,000. The actual March production of the standard tent was 17o tents, and 3,640 yards of fabric were used. Also during March, the company purchased 1,700 yards of the same tent fabric for its deluxe backpacking tent at a cost of $12,58O. The firm used 4,000 yards of the fabric during March in the production of 250 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.