a standard cost system to account for the costs of its one product. Materinis standards we 29 poures of the $13 per pound, and labor standards are 4 hours of labor at a standard wage rate of $11. During July Regent Corp. od 1250 units. Materials purchased and used totaled 10,020 pounds at a total cost of $131,810. Payroll totaled $147480 for 3.30 onwet a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of verance by selecting "Favorable", "Unfavorable", or "None" for no effect ie, zero variance).) Price Variance b. Calculate the direct materials quantity variance (Indicate the effect of variance by selecting Favorable", "Untevernele", or "More for no effect (i.e., zero variance).) Quantity Variance Next > 50