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 labor standards are 20 hours of labor at a standard wage rate of $9.4. During July, Regent Corporation produced 2,500 units Materials purchased and used totaled 11,700 pounds at a total cost of $144,313. Payroll totaled $162,780 for 93,150 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). . Calculate the direct materials spending variance. Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (ie, zero variance). a. Price Variance b. Quantity Variance c Spending Variance