Indicate whether each statement is true or false.

a) DM quantity variance is favorable when the actual price is lower than the standard price/pound. (.)

b) DL rate variance is unfavorable when the actual rate per hour was greater than the standard rate per hour. (.)

c) The standard direct material quantity is the total amount of material the company actually used to produce one unit of finished product. (.)

d) The decision making process includes seven steps. (.) e) Perfection standards assume that production takes place in the ideal world. (.)

f) Information is relevant to a decision problem when it has a bearing on the future and it differs among competing alternatives. (.)

g) Irrelevant future costs and benefits are not ignored when analyzing alternative decisions. (.)

No need of explanation