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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.
Materials Price Variance: Definition: When actual price paid for the materials is more or less than the standard price of the materials, the difference is called direct materials price variance. If actual price paid is more than the standard price the difference is called unfavorable materials price variance.