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Cheerios is a brand of cereal manufactured by General Mills In the United States, consisting of pulverized oats. General Mills' management has established the following standards: The company reported the following results concerning this product in July. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for July is: Material Price Variance =(APSP)AQP AP= actual price per unit of material SP= standard price per unit of material AQP= actual quantity of material purchased Material Quantity Variance =(AQUSQ)SP AQU= actual quantity of material used SQ= standard quantity of material for the actual level of production SP= standard price per unit of material Material Quantity Variance =(AQUSQ) SP AQU= actual quantity of material used SQ= standard quantity of material for the actual level of production SP= standard price per unit of material Multiple Choice $870U $1,044F $870F $1,044U