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In 2003 and 2004, Freddie Mac and Fannie Mae-as the two government-sponsored mortgage giants are known-were investigated for which of the following?
Total Direct Materials Cost Variance
The difference between the actual costs of direct materials used in production and the expected (or standard) costs.
Direct Materials Price
The cost of raw materials and components required for the manufacture of a product.
Direct Materials Quantity Variance
The difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.
Direct Materials Price Variance
The difference between the actual cost of direct materials and the expected (or standard) cost, used in manufacturing and budgeting.
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