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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.
The purpose of setting standards for direct materials is to control direct materials cost. Two types of standards are normally set for direct materials. Theses are materials price standard and materials quantity standard. Direct materials price standard: