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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.
Also specify whether the variance is favorable or unfavorable. In this case the production department performed efficiently and saved 40 units of direct material. Multiplying this by standard price per unit yields a favorable direct material quantity variance of $160.