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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.
Price Variance. Definition: Price variance is the actual unit cost of a purchased item, minus its standard cost, multiplied by the quantity of actual units purchased. The price variance formula is: (Actual cost incurred-standard cost) x Actual quantity of units purchased. = Price variance. If the actual cost incurred is lower than the standard cost, this is considered a favorable price variance.