Asked by Ethan Calura on May 12, 2024
Verified
If actual price per unit of materials is greater than the standard price per unit of materials,the direct materials price variance is ________.
Price Variance
The difference between the actual price paid for something and its standard or expected price.
Actual Price
The real price at which a transaction occurs, distinct from list or estimated prices, reflecting the amount paid or received in a transaction.
Standard Price
A predetermined cost attributed to materials, labor, and overhead to facilitate budgeting and variance analysis.
- Calculate the price and quantity differences for direct materials.
Verified Answer
Learning Objectives
- Calculate the price and quantity differences for direct materials.
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