0 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 6 hours of labor at a standard wage rate of $10.8. During July, Regent Corporation produced 3,200 units. Materials purchased and used totaled 10,300 pounds at a total cost of $142,913. Payroll totaled $148,780 for 23,150 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", "Unfavorable", or "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 (i.e., zero variance). c. Calculate the direct materials spending variance. Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). a. Price Variance b. Quantity Variance c. Spending Variance