The Following Standards Have Been Established for a Raw Material

question 97

Essay

The following standards have been established for a raw material used to make product N04:

The following data pertain to a recent month's operations: Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?

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Definitions:

Intrinsic Motivation

Intrinsic Motivation is the drive to act or engage in an activity for its inherent satisfaction or pleasure, rather than for some separable consequence or external reward.

Optimal Experience

The pleasure in performing the process of an activity itself, rather than achieving the goal.

Creative Process

The way in which creativity helps you develop ideas and solve problems.

Intuition

The ability to understand something instinctively, without the need for conscious reasoning.