Question

From the following data, calculate,

(a) Material cost variance

(b) Material price variance

(c) Material usage variance

(d) Material mix variance

Name of material Standard Actual

Kg Rate Kg Rate

X 8000 1.05 7500 1.20

Y 3000 2.15 3300 2.30

Z 2000 3.30 2400 3.50​

Answer 1

Answer:

Explanation:

In essence, a standard is an agreed way of doing something. It could be about making a product, managing a process, delivering a service or supplying materials – standards can cover a huge range of activities undertaken by organizations and used by their customers.