Actual quantity is the actual direct material or direct labor used to manufacture the

 Actual quantity is the actual direct material or direct labor used to manufacture the
 
multiple choice
actual quantity of output Correct
actual quantity of input
standard quantity of output
Explanation
Knowledge Check 01
 
Actual quantity is the actual direct material or direct labor used to manufacture the actual quantity of output for the period. Standard quantity is the standard input expected for the actual quantity of output.

 Identify the type of variance defined by the following formula: (Actual Price − Standard Price) × Actual Quantity.
 
multiple choice
Quantity variance
Price variance Correct
Cost variance

Explanation
Knowledge Check 01
 
This is the price variance. Note that the price information is within the parentheses!

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