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Regent Corporation uses a standard cost system to account for the costs of its one product. Materials standards are 3 pounds of material at $
Regent Corporation uses a standard cost system to account for the costs of its one product. Materials standards are pounds of
material at $ per pound, and labor standards are hours of labor at a standard wage rate of $ During July, Regent
Corporation produced units. Materials purchased and used totaled pounds at a total cost of $ Payroll totaled
$ for 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 ie zero variance
b Calculate the direct materials quantity variance.
Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect ie zero variance
c Calculate the direct materials spending variance.
Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect ie zero varianceDelaware Corporation prepared a master budget that included $ for direct materials, $ for direct labor, $ for variable overhead, and $ for fixed overhead. Delaware Corporation planned to sell units during the period, but actually sold units. What would Delawares fixed overhead cost be if it used a flexible budget for the period based on actual sales?
Multiple Choice
$
$
$
$
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