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27 Regent Corporation uses a standard cost system to account for the costs of...

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Accounting

27
Regent Corporation uses a standard cost system to account for the costs of its one product. Materials standards are 3 pounds of material at $14.00 per pound, and labor standards are 23 hours of labor at a standard wage rate of $9.1. During July, Regent Corporation produced 2,350 units. Materials purchased and used totaled 12,000 pounds at a total cost of $144,613. Payroll totaled $165,780 for 108,150 hours worked.
10 points
01:29:42
Required:
a. Calculate the direct materials price variance.
Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
b. Calculate the direct materials quantity variance.
Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
c. Calculate the direct materials spending variance.
Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
\table[[a. Price Variance,,],[b. Quantity Variance,,],[c. Spending Variance,,]]
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