Match the List I with List II

List I (Direct Material Variance)	List II (Formula)
A. Direct material cost variance	I. Standard price × (Revised standard quantity - Actual Quantity)
B. Direct material price variance	II. Standard price × (Standard Quantity for actual output quantity - Actual Quantity) |
C. Direct material usage variance	III. Actual Quantity × (standard price - actual price)
D. Direct material mix variance	IV. Standard cost for actual output - actual cost |

Codes:

Correct option is C

· Direct material cost variance (A-IV) = Standard cost for actual output - Actual cost
· Direct material price variance (B-III) = Actual quantity × (Standard price - Actual price)
· Direct material usage variance (C-II) = Standard price × (Standard quantity for actual output - Actual quantity)
· Direct material mix variance (D-I) = Standard price × (Revised standard quantity - Actual quantity)