Accounting systems that use standards for product costs are called variable cost systems. True False The principle of exceptions allows managers to focus on correcting variances between Oa. variable costs and actual costs Ob. competitor's costs and actual costs Oc. standard costs and actual costs Od competitor's costs and standard costs Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material at $5.10 and standard costs for 4,490 pounds of material at $6.00 per pound. The direct materials quantity variance is Oa. $1,260 favorable Ob. $4,230 unfavorable Oc. $4,230 favorable d. 1,260 unfavorable The standard costs and actual costs for direct materials for the manufacture of 2,700 actual units of product are as follows: Standard Costs Direct materials 1,040 kilograms at $8.74 Actual Costs Direct materials 2,700 kilograms at $8.05 The direct materials price variance is Oa. $1,863 unfavorable Ob. 8718 unfavorable c. $1,863 favorable Od. $718 favorable The following data relate to direct labor costs for the current period: Standard costs 7,000 hours at $11.70 Actual costs 6,200 hours at $10.70 The direct labor rate variance is Oa. $15,560 unfavorable Ob. $6,200 favorable Oc. $15,560 favorable d. $9,360 favorable