Raven Company applies overhead based on direct labor hours. The variable overhead standard is 7.0 hours at $16.00 per hour, During July, Raven spent 5377,569 for variable overhead, 23,890 labor hours were used to produce 3,600 units. What is the variable overhead efficiency variance? Multiple Choice $20,960 fevorable $324,640 tavorable $4.671 favorable $4.67 unfovorsble 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 lobor standards are 14 hours of labor at a standard wage rate of $10.0. During Juty, Regent Corporation produced 2,800 units. Materials purchased and used totaled 11,100 pounds at a total cost of $143,713. Payroll totaled $156,780 for 63,150 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)