25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split cost" for analyzing the direct materials flexible budget variance? Select one: a. Actual Quantity Standard Price b. Actual Quantity x Actual Price C. Standard Quantity * Actual Price d. Standard Quantity Standard Price e. None of the above 28. The difference between the split cost and the actual cost for direct materials is called the: Select one: a. Materials Efficiency Variance b. Materials Usage Variance C. Materials Budget Variance d. Materials Price Variance e. None of the above