1. What is a quantity standard? What is a price standard? 2. Why are separate price and quantity variances computed? 3. Who is generally responsible for the materials price variance? The materials quantity variance? The labor efficiency variance? 4. If the materials price variance is favorable but the materials 5. What effect, if any, would you expect poor-quality materials to 6. Why can undue emphasis on labor efficiency variances lead to quantity variance is unfavorable, what might this indicate? have on direct labor variances? excess work in process inventories