Question: Problem 9-108 [LO 9-3] Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 2.9 pounds

Problem 9-108 [LO 9-3]

Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 2.9 pounds of material at $13 per pound, and labor standards are 3 hours of labor at a standard wage rate of $11. During July Regent Corp. produced 3,240 units. Materials purchased and used totaled 10,070 pounds at a total cost of $132,610. Payroll totaled $148,580 for 13,260 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).)

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).)

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