The difference between the actual price of materials and the standard price paid for direct materials multiplied by the actual quantity of direct materials purchased is the materials price variance.
The discrepancy between the "actual" and "anticipated" amounts of materials utilized in the production process is known as a material quantity or price variance.
This measurement is frequently used to assess how effectively raw resources are transformed into finished goods throughout a production process.
The material price variance can be calculated by multiplying the "real" quantity of materials used by the difference between the standard and actual costs of the materials that were utilized.
Here is the calculation for the material price variance:
(Standard Price - Actual Price) × Actual Quantity = Material Price Variance
Learn how to compute total materials variance here: https://brainly.com/question/28216175
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