Luma Incorporated has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for September:
The raw materials quantity variance for the month is closest to:

A) $69 Favorable
B) $78 Favorable
C) $69 Unfavorable
D) $78 Unfavorable

Raw Materials Quantity Variance

The difference between the actual quantity of raw materials used and the expected quantity of raw materials based on the standard cost, which indicates efficiency in using materials.

Standard Cost System

An accounting system that uses standard costs for product costs, serving as a tool for planning, controlling, and decision making.

Actual Results

Actual results refer to the final outcomes or data obtained after completing a process or experiment, measured against predetermined objectives or expectations.