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 7 hours of labor at a standard wage rate of $10.7. During July, Regent Corporation produced 3,150 units. Materials purchased and used totaled 10,400 pounds at a total cost of \$143,013. Payroll totaled $149,780 for 28,150 hours worked. Required: o. Calculate the direct materials price variance. Note: Do not round your intermediate calculations. Indicate the effect of voriance 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). c. Calculate the direct materials spending variance Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance)