Question: Help Save & E 25 Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 3

Help Save & E 25 Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 3 pounds of material at $14 per pound, and labor standards are 4 hours of labor at a standard wage rate of $11. During July Regent Corp. produced 3,300 units. Materials purchased and used totaled 10,100 pounds at a total cost of $142,650. Payroll totaled $146,780 for 13,150 hours worked. a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) nts Price Variance 01:26:26 b. Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Quantity Variance Mc Graw Hill MacBook Air

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