The term management by exception refers to which of the following? Investigating all unfavorable cost variances Investigating all favorable cost variances Investigating significant cost variances Setting standards that are acceptable to management All of the above The standards for direct materials in making a certain product are 20 pounds at $0.5 per pound. During the past period, 50,000 units of product were made and the materials quantity variance was $30,000. The number of pounds of direct material used during the period amounted to: Your