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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.
In other words, the balance sheet will report the direct materials inventory as the standard cost of $10,000 plus the price variance of $3,500. If all of the materials were used in making products, and all of the products have been sold, the $3,500 price variance is added to the company's standard cost of goods sold.f the favorable $0.50 per yard price variance correlates with lower quality, that denim was no bargain. The $0.50 per yard favorable variance may be more than offset by the following unfavorable quantity variances: 1  direct material usage variance. 2  direct labor efficiency variance.