APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your sho business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance Actual Cost Standard Cost Standard Materials Actual Materials Actual Rate Actual Materials x Standard Rate Standard Rate 6,990 6,990 Direct Materials Price Variance Direct Materials Quantity Variance Check My Work APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following graphic to compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for your sho business. When required, enter the rates as dollars and cents. If required, use the minus sign to indicate a negative value. Illustrated Example: Calculating Direct Materials Cost Variance Actual Cost Standard Cost Standard Materials Actual Materials Actual Rate Actual Materials x Standard Rate Standard Rate 6,990 6,990 Direct Materials Price Variance Direct Materials Quantity Variance Check My Work