Regent Corp

Essay

Regent Corp.uses a standard cost system to account for the costs of its one product.Materials standards are 3 pounds of material at $14 per pound,and labor standards are 4 hours of labor at a standard wage rate of $11.During July Regent Corp.produced 3,300 units.Materials purchased and used totaled 10,100 pounds at a total cost of $142,650.Payroll totaled $146,780 for 13,150 hours worked.Calculate the:
a.direct materials price variance.
b.direct materials quantity variance.