Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 28 pounds of material at $13 per pound, and labor standards are 3 hours of labor ata standard wage rate of $12. During July Regent Corp, produced 3.210 unts. Materials purchased and used totaled 10,050 pounds at a total cost of $131,900. Payroll totaled $147880 for 13,270 hours worked . 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 (l.e., zero variance).) b. Calculate the direct materiais quantity variance Indicate the effect of variance by selecting "Favorable". "Unfavorable" or "None" for no effect the zero variance) Quant 617 Next > 5 6 8 ER