Name: The formula to compute direct material quantity variance is to calculate the difference a. actual costs standard costs b. standard costs- actual costs c. (actual quantity* standard price) - standard costs d. actual costs - (standard price * standard costs) 14. The following data relate to direct materials costs for November: Actual costs Standard costs 4,700 pounds at $5.40 4,500 pounds at $6.20 15. What is the direct materials price variance? a. $3,600 favorable b. $160 favorable c. $3,760 favorable d. $3,600 unfavorable 16. What is the direct materials quantity variance? a. $3,600 favorable b. $1,240 favorable c. $3,600 favorable d. $1,240 unfavorable The following data relate to direct labor costs for February: Actual costs Standard costs 7,700 hours at $14.00 7,000 hours at $16.00 What is the direct labor time variance? a. $7,700 favorable b. $7,700 unfavorable c. $11,200 unfavorable d. $11,200 favorable 17. What is the direct labor rate variance? a. $14,000 favorable b. $14,000 unfavorable c. $15,400 favorable d. $15,400 unfavorable 18