Regent Corp. uses a standard cost system to account for the costs of its one product, Materials standards are 2.8 pounds of materialer $14 per pound, and labor standards are 2 hours of labor at a standard wage rate of $12. During July Regent Corp.produced 3.220 units. Moteriols purchased and used totaled 10,080 pounds ot o total cost of $142,970. Payroll totaled $146. BBC for 13.250 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... 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 (i.e., zero variance).) Quantity Variance