standard costs and describe what their role might be in setting those standards 2. Smithson, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 0.9 pound per glass at a price of $0.45 per pound. The actual results for the production of 7,100 glasses were 1.3 pounds per glass at a price of $0.55 per pound. Calculate the materials price variance and the materials efficiency variance CIS Mar. These for the reduction of 6.800 classes were 1/3 hour HAL