Answer
The quantity standard defines the amount of direct materials that should be used for each unit of finished product. The price standard defines the price that should be paid for each unit of direct materials.
Work Step by Step
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Managerial Accounting (15th Edition)
by Garrison, Ray; Noreen, Eric, Brewer, Peter
Published by
McGraw-Hill Education
ISBN 10:
007802563X
ISBN 13:
978-0-07802-563-1
Chapter 10 - Standard Costs and Variances - Questions - Page 448: 10-1
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