The difference between the actual amount of an input used and the amount that should have been used, stated in dollar terms using the standard price of the input, is called a(n)

The difference between the actual amount of an input used and the amount that should have been used, stated in dollar terms using the standard price of the input, is called a Direct Material Price Variance.

Here are the steps to calculate it:

1. Determine the standard cost per unit of the input. This is the cost that should have been incurred for each unit of input according to the company's standards or benchmarks.

2. Determine the actual cost per unit of the input. This is the cost that was actually incurred for each unit of input.

3. Subtract the standard cost per unit from the actual cost per unit. This will give you the price variance per unit.

4. Multiply the price variance per unit by the actual quantity of input used. This will give you the total direct material price variance.

The direct material price variance is a measure of how much more or less the company spent on direct materials than it should have, according to its standards. A positive variance indicates that the company spent more than it should have, while a negative variance indicates that it spent less.