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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 11 hours of labor at a standard wage rate of $10.3. During July, Regent Corporation produced 2,950 units. Materials purchased and used totaled 10,800 pounds at a total cost of $143,413. Payroll totaled $153,780 for 48,150 hours worked. 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). a. Price Variance b. Quantity Variance c. Spending Variance

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 11 hours of labor at a standard wage rate of $10.3. During July, Regent Corporation produced 2.950 units. Materlals purchased and used totaled 10.800 pounds at a total cost of $143,413. Payroll totaled 5153.780 for 48,150 hours worked Required: 0. Calculate the direct materials price variance. Note: Do not round your intermediate calculotions. Indicote the effect of voriance by selecting "Fovorable", "Unfavorable", or "None" for no effect (i.e, zero vorionce). b. Calculate the direct materials quantity variance Note: Indicate the effect of varionce by selecting "Fovorable", "Unfovoroble", or "None" for no effect (l.e., zero variance). c. Calculate the direct materials spending variance Note: Indicate the effect of vorionce by selecting "Fovorable", "Unfovorable", or "None" for no effect (i.e., zero variance)

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