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A school stores attendance records of its students in a Microsoft Access database.The Attendance table has StudentName, StudentID, Grade, and DateAbsent columns.Each time a student is absent, an entry is made into the database.Which of the following statements is true?
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials.
Materials Price Variance
The difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased.
Standard Quantity
The expected or established quantity of materials or labor expected to be used during a manufacturing process or production cycle.
Standard Price
Standard price is the pre-determined cost that a company expects to pay for goods, materials, or services, used in budgeting and cost control.
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