What is a quantity standard? What is a price standard? Why are separate price and quantity variances computed? Who is generally responsible for the materials price variance? The materials quantity variance? The labor efficiency variance? The materials price variance can be computed at what two different points in time? Which point is better? Why? If the materials price variance is favorable but the materials quantity variance is unfavorable, what might this indicate? "Our workers are all under labor contracts; therefore, our labor rate variance is bound to be zero." Discuss. What effect, if any, would you expect poor-quality materials to have on direct labor variances