Most companies compute the material price variance when materials are Blank______ and the material quantity variance when materials are

The materials price variance is the difference between the actual price of materials Blank______.

The materials price variance is calculated using the Blank______ quantity of the input purchased.

Given the following information, calculate the materials price variance:Direct material purchased and used 30,000 kgCost of direct material $84,000Unfavourable direct materials usage variance $3,000Standard quantity of direct materials allowed for May production 29,000kg

Which of the following statements is true?The materials price variance is computed based on the amount of materials purchased during the period.The standard price per unit for direct materials should reflect the final, delivered cost of the materials.In general, the production manager is responsible for the materials price variance.An unfavorable materials quantity variance occurs when the actual quantity used in production is less than the standard quantity allowed for the actual output of the period.Multiple ChoiceBoth statements 1one and 2 are true.Both statements 2 and 3 are true.All of the statements are true.None of the statements are true.

A particular firm with zero material inventory purchased 30,000 kg of material and used 25,000 kg. For control purposes, it is recommended that firms calculate the material price variance at the time of purchase. The variance could alternatively be calculated at the time of usage of that material. Which of the following statements most correctly reflects a comparison of the two methods for this firm? Group of answer choicesThe variance calculated on purchase will be larger than the variance calculated on usage, but in the same direction (which is either favourable or unfavourable).Whether calculated on purchase or usage, both variances will be unfavourable.The variance calculated on purchase will be smaller than the variance calculated on usage, but in the same direction (which is either favourable or unfavourable).Whether calculated on purchase or usage, both variances will be favourable.None of the given answers