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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.
Some organizations calculate the materials price variance based on actual quantity of inputs purchased rather than used, since the purchasing group is accountable for materials price variances while the production group is accountable for efficiency variances.