Regent Corporation uses a standard cost system to account for the costs of its one product. Materials
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Question:
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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:
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 variance
tabletablea Price Varianceb Quantity Variance
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