List the direct materials variances, and briefly describe each
What will be an ideal response
The direct materials variances are the direct materials cost variance and the direct materials efficiency variance.
The direct materials cost variance measures how well the company keeps the actual direct materials cost per unit within standard. A direct materials cost variance is favorable (unfavorable) if the actual direct materials cost per unit is less (greater) than the standard direct materials cost per unit.
The direct materials efficiency variance measures how well the company keeps the actual usage of direct materials within standard. A direct materials efficiency variance is favorable (unfavorable) if the total quantity of direct materials actually used is less (greater) than the total allowed to manufacture the actual total quantity of units.
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