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The formula to compute direct materials price variance is to calculate the difference between a. actual costs - (actual quantity * standard price) b. actual cost + standard costs c. actual cost - standard costs d. (actual quantity * standard price) -standard costs ANS: A DIF: Moderate OBJ: 23-03 NAT: AACSB Analytic | IMA-Performance Measurement 51.
Chapter 10 - Standard Costs and Variances 10-64 Chapter 10 Standard Costs and Variances Answer Key True / False Questions 1. The materials price variance is computed by multiplying the difference between the actual price and the standard price by the actual quantity of materials used in production. FALSE AACSB: Reflective Thinking