Using the standard costs of $5 per pound for a 10 pound bag of chocolate and the following actual cost and usage data, compute the direct materials quantity variance. 
Definitions:
Critical Value
A point on a statistical distribution that represents a threshold at which the null hypothesis is rejected if exceeded.
Alpha
Alpha, also known as the level of significance, indicates the threshold at which we reject the null hypothesis, typically set at 0.05 or 5%.
Two-tailed
A test of significance that checks for the possibility of either a positive or negative effect and doubles the significance level.
Critical Value
A threshold in hypothesis testing that determines the boundary for rejecting the null hypothesis, based on the chosen significance level.
Q19: A performance management and evaluation system is
Q35: Sunk costs are not relevant for decisions
Q48: Competition, availability and training of employees, anticipated
Q54: Segment profitability analysis includes the preparation of
Q55: The equation for finding the breakeven point
Q70: Describe three benefits budgeting provides to an
Q88: Describe the major differences between the organized
Q99: Even if a variance is insignificant, corrective
Q101: If the actual amount of direct materials
Q105: As production increases, what should you expect