Question: 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

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 4 hours of labor

at a standard wage rate of $11. During July Regent Corp. produced

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 4 hours of labor at a standard wage rate of $11. During July Regent Corp. produced 3,290 units. Materials purchased and used totaled 10,020 pounds at a total cost of $131,660. Payroll totaled $148,480 for 13,180 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).) Price Variance b. Calculate the direct materials quantity variance (Indicate the effect of variance by selecting "Favorable". "Unfavorable" or "None" for no effect ile.. zero variancel.) 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 (.e., zero variance).) 3 Price Variance 6:12 Favorable None K Unfavorable 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 Favorable

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