Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 2.9 pounds of material at $14 per pound, and labor standards are 4 hours of labor at a standard wage rate of $12. During July Regent Corp. produced 3.260 units. Materials purchased and used totaled 10,040 pounds at a total cost of $141,960. Payroll totaled $147.580 for 13,160 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.e., 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