MCQs: 12 questions @ 0.5 points each = 6 points. NUMBER OF ATTEMPTS: You can attempt the quiz 3 times. The latest score will be counted to the final grade. Question 14 0.5 pts A direct material price standard is: The amount of direct materials that should be used to produce one unit of output or product. The cost of direct materials that should be incurred to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production. O The cost of all materials and supplies used to produce one unit of output or product.