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 3 hours of labor at a standard wage rate of $9. During July Regent Corp. produced 3,270 units. Materials purchased and used totaled 10,020 pounds at a total cost of $141,730. Payroll totaled $148,580 for 13,230 hours worked.

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 3 hours of labor at a standard wage rate of $9. During July Regent Corp. produced 3,270 units. Materials purchased and used totaled 10,020 pounds at a total cost of $141,730. Payroll totaled $148,580 for 13,230 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 Varianc 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