Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. regent corporation uses a standard cost system to

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

90.2K

Verified Solution

Question

Accounting

image 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 9 hours of labor at a standard wage rate of $10.5. During July. Regent Corporation produced 3,050 units. Materials purchased and used totaled 10,600 pounds at a total cost of $143,213. Payroll totaled $151,780 for 38,150 hours worked. Required: o. Calculate the direct materials price variance. Note: Do not round your Intermedlete calculations. Indleate the effect of varlance by selecting "Favorable", "Unfavorable", or "None" for no effect (l.e., zero varlence). b. Calculate the direct materials quantity variance. Note: Indleate the effect of varlance by selecting "Favorable", "Unfovorable", or "None" for no effect (l.e., zero varlance). c. Calculate the direct materials spending variance. Note: Indleate the effect of varlance by selecting "Favorable", "Unfovorable", or "None" for no effect (l.e., zero vorlance)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students