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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.
Whereas the cost variances for direct materials, direct labor, and variable overhead all use the same two formulas, the cost variances for fixed overhead are different, and do not use these formulas at all.