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Regent Corporation uses a standard cost system to sccoynt for the coste of ite one product. Materials standards are 3 pounds of materjal at $14
Regent Corporation uses a standard cost system to sccoynt for the coste of ite one product. Materials standards are 3 pounds of materjal at $14 per lb, and labor standards are 17 hours of labor at a standard wage of 9.7 dollars. During July, Regent Corporation produced 2650 units. Materials purchased and used totaled 11400 lbs at a total cost of 144013. Payroll totaled 159780$ for 78150 hours worked.
material at $14,00 per pound, and labor standards are 17 hours of labor at a standard wage rave ol cost of $144,013. Payroll totaled Corporation produced 2,650 units Required: a. Calculate the clirect materials price variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (li.e., zero varionce). b. Calculate the direct moterials quantity variance. Note: Indicote the effect of variance by selecting "Fovorable", "Unfovorable", or "None" for no effect (i.e., zero varionce). c. Calculate the direct materials spending varience. Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (l.e., zero variance) a) calculate the direct materials price variance
b) calculate the direct materials wuantity variance
c) calculate the direct materials spending variance
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