For __________________
Standard quantity: Represents the materials required to complete one good unit of product (i.e., a product 1/no defect), and includes an allowance for waste and spoilage
Standard Price: Represents the final delivered cost of the materials and includes items such as shipping and insurance.
a. calculating the total cost of materials for production
b. determining the variance between standard and actual costs
c. analyzing the efficiency of material usage in production
d. evaluating the impact of changes in material prices on production costs