Regent Corporation uses a standard cost system to account for the costs of its one product3 of
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Regent Corporation uses a standard cost system to account for the costs of its one product3 of material at $14.00 per pound, and labor standards are 20 hours of labor at a standard wage of $9.4 Corporation produced 2,500 units . Materials purchased and used totaled 11700 pounds at a total cost of $ 162,780 for 93,150 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 " 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 c . Calculate the direct materials spending variance . Note : Indicate the effect of variance by selecting " Favorable " Unfavorable or "None " for no effect a . Price Variance b Quantity Variance Spending Variance
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