Which one of the following best describes the direct material price variance?

1. The difference between the actual cost of the material used and the actual quantity of material used at the standard direct material cost per unit

2. The difference between the actual direct material cost and direct material cost according to the flexed budget

3. The difference between the actual cost of the material used and the standard quantity of material used at the actual direct material cost per unit

4. The difference between the standard quantity of material used at the standard cost per unit and the actual quantity of material used at the standard direct material cost per unit