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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.
Relevance. Rating Newest Oldest. Insufficient data for 1 and 2 3. If the firm uses a standard costing system, materials price variance is calculated at the time of purchase. (a) is incorrect as it increases cost of raw materials (c) and (d) incorrect results in both debits.Hence (b) is correct 4. (c) 5.elevance. Rating Newest Oldest. Insufficient data for 1 and 2 3. If the firm uses a standard costing system, materials price variance is calculated at the time of purchase. (a) is incorrect as it increases cost of raw materials (c) and (d) incorrect results in both debits.