Question

Name the various material variances.

Answer 1

a) Material Cost Variance (MCV):

It is the difference between the standard cost of materials allowed (as per standards laid down) for the output achieved and the actual cost of materials used. Or Material Cost Variance = Material Price Variance + Material Mix Variance + Material Yield Variance.

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Answer 2

Explanation:

(a) Material Cost Variance (MCV):

It is the difference between the standard cost of materials allowed (as per standards laid down) for the output achieved and the actual cost of materials used. Or Material Cost Variance = Material Price Variance + Material Mix Variance + Material Yield Variance