101

What is a quantity standard? What is a price standard?

102

Why are separate price and quantity variances computed?

103

Who is generally responsible for the materials price variance? The materials quantity variance? The labor efficiency variance?

104

The materials price variance can be computed at what two different points in time? Which point is better? Why?

105

If the materials price variance is favorable but the materials quantity variance is unfavorable, what might this indicate?

106

Should standards be used to identify who to blame for problems?

107

Our workers are all under labor contracts; therefore, our labor rate variance is bound to be zero. Discuss.

108

What effect, if any, would you expect poor-quality materials to have on direct labor variances?